Condos and Townhomes Are Selling Fast

High-rise in downtown Fort Lauderdale, FL
High-rise building in downtown Fort Lauderdale, FL

If you are looking for a condo or townhouse to buy, you are in for a big surprise- they are selling really fast.

I looked up some information about condos and townhomes sold. I have access to information for our local MLS of the Palm Beaches and Greater Fort Lauderdale.

I just wanted to know how condos  and townhomes sales were during the period during last few years.

Condominiums & townhomes sold in Broward County, FL
Condominiums and townhomes sold in Broward County, FL during the period of January 2013 to April 2018

 

This chart above shows information and results calcuated from approximately 150,000 listings of condos and townhomes in Broward County, FL. The time frame is from January 2013 to April 2018.

When you look at the chart and check the blue line on it, it shows the Median Listing Price. And not surprisingly, the listing price was slowly climbing up during this few years period. January 2013 median listing price was $114,850, and April 2018 median listing price was $189,900.

But really strange and interesting thing interesting in this chart is then it shows the green line in the chart. This line showed median days to sell a listing. If you follow the green line, you will notice the sharp dip in the median days to sell during the early period on 2016.

Median days to sell in January 2013 was 76, and median days to sell in April 2018 were 37.

But lets look at the median days to sell in the beginning of the year 2016:

January 2016- 72 days
February 2016 – 74 days
March 2016 – 47 days
April 2016 – 46 days
May 2016 – 43 days.

You can clearly see there was a drastic change in days to sell: during February it was 74 days, and March was 47 days. Why was this drastic change in median days to sell? I believe it was because there were not enough condos / townhomes for people who were looking to buy.

Maybe that is way we can see a lot of new construction condominiums going up all across South Florida. I wrote a couple of blog posts about it already: new highrise in Hollywood, or a new high-rise in downtown Fort Lauderdale on East Las Olas .

I also find it very interesting, that results of this kind of research of sold condos/townhomes and sold single family homes varies greatly. I did a similar research and wrote a blog post about how single family homes were sold during the last few years in Broward County. It is really interesting that single family houses were selling during last few years, and the median days were getting slowly less and less. While sales in condos/townhomes saw drastic change in median days on the market during the short period February 2016- April 2016.

The data used to make the chart from the MLS of The Palm Beaches and Greater Fort Lauderdale, which has data that is deemed reliable but not guaranteed and has the most accurate and up-to-date information about local home sales.

If you want more information about local market, please look into Local Market Conditions and Home Prices category.

If you are looking for a house to buy or sell, please let me know. I would like to help!