The Broward County Real Estate Market: January 2020

The statistics are out from the MIAMI Association of Realtors for the real estate market in Broward County Florida for January 2020. Broward County statistics include Davie homes for sale, and other houses for sale in Broward County, in places like Cooper City, Coral Springs, Pembroke Pines, Plantation, Southwest Ranches, Sunrise, and Weston.

If you’re thinking of buying or selling Broward County real estate in 2020, the January results will give you an idea of where the market is going.

It’s a Seller’s Market!

If you’re wondering if you should sell your home this Spring, you’ll be interested to know that Broward County is experiencing a seller’s market.

What’s a seller’s market? A seller’s market typically means that there are more buyers looking for homes than there are homes for sale, and there is less than a 6-month supply of homes for sale in “inventory.” In January, the inventory of homes for sale decreased 20.8% to 3.8 months for single-family homes. The inventory of condos and townhomes went down 6.5% to 5.8 months.

If these trends continue, spring 2020 will be a great time to sell your Broward County home. There may even be competition for homes that will keep prices high and the market moving quickly.

Home Sales and Prices Increased

The total number of homes sold increased 6% between January 2019 and January 2020. Single-family home sales rose 10.7% and condo sales increased 2%.

Big increases appeared in the single-family homes priced between $400-600,000, which saw a 22% increase in the number of sales. The luxury single-family home market also saw a big jump from last year, with the number of sales increasing 24.5%.

Besides an increase in the level of activity, the median single-family home prices in Broward County increased 5.5% to $374,450. Existing condominiums increased 6.3% to a median price of $170,000.

Time to Sell and List-to-Sale Price Ratios Improved

Broward County Real Estate MarketYou can see the speed at which the market is moving by looking at the median number of days between when homes were listed and when they went under contract. In January 2020, the number of days for single-family homes was 50, representing a 20.6% decrease from the same time last year. Again, the increase in the speed of the market indicates a seller’s market.

Another indicator of a seller’s market is the List-to-Sale Ratio. In January 2020, the single-family home Ratio was 95.5%, and the Ratio for condos was 94.6%. That means that sellers are receiving very close to their asking price. For example, if a home was listed at $425,000 and it went under contract at $400,000, that represents a 94% Ratio.

Keep in mind that sellers are less likely to negotiate in a seller’s market. Some sellers typically will receive offers over list. Sellers whose homes aren’t in peak condition may accept an offer 10 or even 20% below their list price. If you’re thinking of selling, you’re much more likely to be in the driver’s seat during negotiations.

Financing is Still Attractive

Freddie Mac reported that the average rate for a 30-year conventional fixed-rate mortgage decreased to 3.62% in January, which is lower than the rate in December 2019. It’s interesting to note that cash buyers are very active in Broward County.

Cash transactions made up 38.2% of the sales closed in January 2020; that is almost double the national average for cash buyers. But, those people who want to finance a purchase in early 2020 will find the rates very favorable.

How to Interpret Market Statistics

Keep in mind that the Broward County real estate market is relatively large—it covers over 1,000 square miles. So, the averages and median figures are calculated based on widely diverse communities. It’s important to look at the trends in the real estate market, rather than planning on any one statistic holding true for you.

What If You’re Buying?

Buying in a sellers market certainly isn’t impossible. You just need to be smart about your approach. You need to stick to your budget. Since you’ll probably be buying at or above list price, you don’t want to look at homes over your budget because you probably won’t be negotiating a 10-20% price reduction.

Be ready to act quickly if you find the right home. The odds are it won’t stay on the market long. Maybe not even until tomorrow. Work with the right real estate agent who can counsel you accurately on the right strategy to get you the home of your dreams.

If you want to hire Realtors in Broward County, please consider the Teri Arbogast Real Estate Team. Take a look at our Google reviews, and you’ll see that both our buying and sellling clients have lots of good things to say. We’re very proud of our five-star ratings on Google, Zillow, and other real estate review websites. We’d love to make you our next successful client!  Call us at 954-242-8030 or send an email today.

Teri Arbogast Real Estate Team


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