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!

MARKET UPDATE: Broward County, FL Single Family Homes for Sale – April 2018

Single family house in Hollywood Hills neighborhood. Hollywood, FL
Single family house in Hollywood Hills neighborhood. Hollywood, FL

It is the end of another month, April, so we can review the real estate market in Broward County, FL during this month.

Lets look at the table I made. Here you can find all the current information about available homes for sale in Broward County:

Market Update- Homes Homes for sale in Broward County FL April 2018

There are 5102 single family houses available for sale in Broward County, FL and 1688 new active listings during month of April.

Houses listed at the price of $251,000-$500,000 are selling the fastest, which is 39 days. This price range also has the biggest number of active single family homes- 2056, with new homes for sale 878.

The next very popular price range group is houses listed between $501,000-$750,000. There are 971 homes for sale in this price group, and 322 of those a new listings.

Median days on the market for the houses under a million dollars are about 54 days, and median  days on the market for the houses over a million is is around 120 days.

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!

Houses Are Selling Faster and for More Money

Wooden fence
Wooden fence

Houses in Broward County, FL are selling faster and for more money.

Lets look at the chart. We can see the ralationship between Listing Price, Median and Average Days on The Market.

Days to Sell VS Listing Price in Broward County, FL Real Estate For Period Jan 2013 to March 2018. DeNapoliGroup.com
Days to Sell VS Listing Price in Broward County, FL real estate for a period Jan 2013 to March 2018. DeNapoliGroup.com

There is a lot of competition out there.

After long seach and looking at many homes for sale, homebuyer finally  finds THE ONE. It is the house that fits the most what the buyer wants and needs. But the buyer still wants to “think about it”.

If you are looking for  a house to buy, please be ready to act fast. Homes are selling fast right now.

For people who were looking to buy a home just few years back- they had more time to look at the house, and they had time to think about buying a particular house. Then it took about 90 days to sell  home. But now people have to act fast. Because it takes about 35 days to sell a house. It is almost 3 times as fast. So there is no time to to waiste.

If the homebuyer likes the house, their realtor should write an offer for the house. Just like that. A buyer can’t waste time and “think about it”. The competition is strong, and if the particullar buyer is not giving an offer for the house, then there is going to be another buyer that likes the house and will put an offer for it.

 

The data used to make this chart comes 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.

 

How Long Does It Take to Sell a House?

How long does it take to sell a house.
How long does it take to sell a house in Broward County,FL?

It is Monday again. And I believe that the best way to start the new week by looking at real estate numbers. Why not?

Median Days to Sell the House in Broward County, FL
Median days to sell the single family house in Broward County, FL during the period from January 2008 to March 2018.

We still remember real estate housing “bubble” of early 2000s to 2006. Then it declined in 2006 through 2007, and reached the bottom in 2012.

What can we learn from the housing bubble ? We can see interesting housing trends when looking at the number of median days to sell a house.

If you look at the chart above, it says the median days to sell a single family house in Broward County, FL during the period of January 2008 to March 2018.

The longest to sell a house in the last 10 year period was during February 2008 when it took 121 days to sell a single family house in Broward County.

The median days to sell slowly were getting shorter, when it became 70 days in the month of April 2010.

From this time, it was getting longer and longer to sell a house. When it reached a peak during the month of February 2011 when it was 97 days. But even then it still did not reach the height of 121 days of February 2008.

Since then, the period of days to sell a house was getting shorter and shorter, and in the March 2018 reached only 33 days. That is the third of the time it took to sell the house in February 2008.

What does it mean for the homebyer, when it says that it takes 33 days to sell house? It means that the homebuyer has to act quick to look at the house for sale, and the buyer has to decide fast to make an offer for the house or not.

What does it mean for the homeseller, when it says thta it takes 33 days to sell a home? It means that the house will sell fast, so the homeowner better start packing and get ready for the move.

 

The numbers for this chart are from the MLS of the Palm Beaches & Greater Fort Lauderdale. These numbers are said to be reliable but are not guaranteed.

If you are interested in more information about home sales in Broward County, please visit Local Market Conditions and Home Prices category.

 

 

South Florida Real Estate Market is Booming.

Second story of the house
Second story of the house

Real estate market is booming.

Miami is among 15 booming real estate markets that are trending in 2018, according to Forbes Real Estate Council. This article says that Miami metropolitan real estate is booming, because of “tax advantage, and most importantly, price per square foot, which is substantially lower then average.”

Lets see what are the numbers separately for Miami-Dade County, Broward County, and Palm Beach County:

Single family homes for sale:

Homes for Sale in South Florida. 4_4_2018
Homes for sale in South Forida as of 4_4_2018. Broward, Miami-Dade and Palm Beach Counties.

From the table above we can see that median price for single family homes in the highest in Miami-Dade County at the price of $579,900.

Square footage median for a listing is also highest in Miami-Dade County and is $264.71 per sq/ft.

Condos for sale:

Condos for Sale in South Florida.4_4_2018
Condos for sale in South Forida as of 4_4_2018. Broward, Miami-Dade and Palm Beach Counties.

When we look into detail listing information about the condos for sale, we see that the most condos are available in Miami-Dade County. There are 14,335 condos for sale right now in this county.

The median list price in Miami-Dade County is the highest at $434,000, which is more then double when comparing with Broward County and Palm Beach County.

Townhomes for sale:

Townhomes for Sale in South Florida. 4_4_2018
Townhomes for sale in South Forida as of 4_4_2018. Broward, Miami-Dade and Palm Beach Counties.

From the table above, we can see that listing prices for townhomes in all three counties is some what similar- all are in lower 300’s. But again, Miami-Dade County is the highest liting price at $340,000.

 

The numbers I used to make this table were taken from the MLS of the Palm Beaches & Greater Fort Lauderdale. These numbers are said to be reliable but are not guaranteed.

If you are interested in more information about home sales, please visit Local Market Conditions and Home Prices category.

If you are looking for a house to buy, let me know and I will help you to find your future home. If you would like to sell your current home, let me know and I be glad to help you to sell it.