Hows the Market

First principle: Supply and demand is like a seesaw.

sellers market

Seller Advantage

Low inventory creates upward pressure on values. The SELLER has the advantage.  Time (meaning the next year or two) is on the side of the seller.  For properties in starter and move-up price ranges, the seller may have an advantage in negotiations if there are fewer than five months worth of properties listed for sale.

balanced market

Stable Values - Balanced Market

If inventory and demand are balanced, values are normally stable. Neither buyers nor sellers have an advantage.  This type of market normally doesn’t last very long. For starter and move-up homes, there is normally about six months of inventory listed for sale.

buyers market

Buyer Advantage

Low inventory creates upward pressure on values. The SELLER has the advantage.  Time (meaning the next year or two) is on the side of the seller.  For properties in starter and move-up price ranges, the seller may have an advantage in negotiations if there are fewer than five months worth of properties listed for sale.


Understanding YOUR specific market

Affordability is suffering in our area due to high properties taxes and expensive insurance.  Keep in mind, real estate is often more local than the weather.  For example: it is possible to have a neighborhood of single homes next to a condominium complex.  If it rains they will both get wet. However, values could be going up in one due to low inventory while values in the other are flat or going down due to high inventory, assessments, etc.
Condo's and co-ops -  The condo (and co-op) market has more variables to consider than the market for single family houses or townhomes. Oceanfront locations, 55+ complexes, assessments, reserves, minimum down payments, pending lawsuits and other factors can create unique markets for individual buildings or complexes.

What is happening in YOUR market?

First, find your product in the charts below: house, townhome, or condo.

Second, find your price range to see what the conditions are in YOUR local market.


For more exact guidance, please contact Barry Dunn directly at 954-298-1650.


Buyer's market

In this type of market, most of the properties for sale are actually priced OUT of the market, and have no real chance of selling. In order to be priced IN the market, sellers in a buyer's market must price much more competitively and aggressively than their neighbors. Only the very best deals will sell.

Seller Market

This is the type of market most Sellers in south Florida are accustomed to. Most of the homes for sale are priced IN the market.  Prices for similar properties are in a smaller range.  Only those that are severely overpriced are priced OUT of the market.

Single Family Houses

The orange columns indicate the average days on market to sell.  The green line shows how much of their asking price sellers got on average, for the properties that sold.

Condos

The orange columns indicate the average days on market to sell.  The green line shows how much of their asking price sellers got on average, for the properties that sold.

Townhomes and Villas

The orange columns indicate the average days on market to sell.  The green line shows how much of their asking price sellers got on average, for the properties that sold.

Last 15 years, all property types, all price ranges

Average Sale price (in red) for the last 15 years

Houses Average Sales Price in Red

It should be noted that the large difference between the average asking price and the average sale price is due to the extremely large number of unsold properties in the higher price ranges.

Condos Average Sales Price in Red

It should be noted that the large difference between the average asking price and the average sale price is due to the extremely large number of unsold properties in the higher price ranges.

Townhomes Average Sale Price in Red

It should be noted that the large difference between the average asking price and the average sale price is due to the extremely large number of unsold properties in the higher price ranges.

SINGLE-FAMILY HOUSES

Houses in Broward County, All Price Ranges

Houses $100,000 to $299,999

Houses $300,000 to $499,999

Houses $500,000 to $699,999

Houses $700,000 to $999,999

Houses $1 million to $2 million

CONDOS

Condos $100,000 to $249,999

Condos $250,000 to $349,999

Condos $350,000 to $499,999

Condos $500,000 to $749,999

Condos $750,000 to $999,999

Condos $1,000,000 to $1,999,999

Townhomes

Townhomes $100,000 to $249,999

Townhomes $250,000 to $349,999

Townhomes $350,000 to $499,999

Townhomes $500,000 to $749,999

Townhomes $700,000 to $999,999

Townhomes $1,000,000 to $1,999,999

What about a crash?

Seller Market

When most people hear "crash" they think of 2008. This was Broward County's real estate market in 2007 and 2008. We also had a tidal wave of foreclosures! Mortgage rates were over 6% and "No-Doc" loans were not unusual. ***This is what a REAL crash looks like.***

Current Inventory is still below 2019 pre-Covid levels

Areas We Cover