According to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
MIAMI, August 12, 2021 / PRNewswire-PRWeb / – Broward County continued its trend of increasing total home sales in the 2nd South Florida, and record-low mortgage-fueled transactions, according to the MIAMI Association of Brokers (MIAMI) and the Multiple Listing Service (MLS) system.
Broward County Total home sales increased 103.1% year over year from 5,827 to 11,832. Broward's single-family home transactions increased 67.7% from 3,112 to 5,219. Broward's existing condominium sales increased 143.6% from 2,715 to 6,613.
"Broward County would have made even more sales if there had been more inventory, "Broward-MIAMI president Patrick Simm said. "More and more individuals and companies are moving Greater Fort Lauderdale and Broward County because of our low taxes, pro-government, and incredible way of life, we enjoy in South Florida. "
A lack of stocks in certain price ranges has an impact on sales, especially in the case of single-family homes. Increased home starts and more sellers listing properties in 2021 should help alleviate the lack of supply.
Broward Luxury Sales Up 288.4% as Northeast and West Coast buyers move
Broward County Single family home luxury ($ 1 million-and-up) transactions rose 288.4% year over year to 637 transactions in the second quarter of 2021. Broward County Condominium sales rose 385.7% to 204 transactions in the second quarter of 2021.
Record low interest rates; a record high S&P 500; the attractiveness of stable assets in a volatile economy; Homebuyers leaving tax-burdened northeast and west coast states to shop in Florida (no state income tax); and the guidelines for working from home and distance learning have all together created a robust market for luxury single family homes.
The story goes on
Broward homeowners' home equity is rising as many pay lower mortgage payments
With interest rates still at record lows, many are South Florida Homeowners have refinanced their home loans. So many homeowners today are not just paying lower mortgage payments; they do this while their home equity has grown significantly. Home equity can be used for home renovations, college loans, and more.
Median single family home prices in Broward rose 23.4% year over year, from $ 385,000 to $ 475,000. Median prices for Broward's existing condominiums rose 17.3% year over year, from $ 185,000 to $ 217,000.
Rising median prices are a trend across the country as record-low mortgage rates and the increasing availability of remote working and education have accelerated the demand for housing. Low stocks in relation to high demand lead to rising prices.
Should mortgage rates continue their upward trend, home price growth is likely to slow in response. As more and more sellers offer real estate in 2021, the increased inventory should dampen growth in median prices.
Total Broward Dollar Volume $ 5.6 billionthat shows the strong impact of living
While other industries struggled last year, residential construction boosted economies at the national and local levels. One job is created for every two homes sold in the US. Miami Dollar volume shows the impact that housing construction is playing on the local economy.
The dollar volume of Broward single-family homes rose 139.6% from $ 1.5 billion to $ 3.6 billion. Broward's existing condominium volume increased 205.2% $ 2 billion. The sales do not include the Broward new home market.
Non-emergency sales accounted for approximately 98.9% of all closed home sales in the second quarter of 2021, up from 96.5% in the second quarter of 2020. Just 1.1% of all closed home sales in Broward were non-performing in Q2 2021, including REO (bank owned property) and short sales, compared to 3.5% in Q2 2020.
Short sales and REOs accounted for 0.4% and 0.7%, respectively, of total Broward sales in the second quarter of 2021.
Lower mortgage rates made home buying more affordable in 2021. Freddie Mac said the interest rate on a 30-year fixed-rate mortgage averaged 3.0% in the second quarter of 2021, up from 3.23% in the year-ago quarter.
Robust housing demand across the country, nationwide for double digit sales growth
Nationwide, completed sales of existing single-family homes increased 43.3% year-over-year in the 2nd quarter (98,414 total) and increased nearly 16% compared to the 2nd quarter of 2019. Revenue growth in the condominium and townhouse resale market was even stronger. 117% year-over-year increase (48,976 total sales) and nearly 44% year-over-year, according to data from Florida Realtors Research, in collaboration with local brokerage boards / associations. Closed sales typically take place 30 to 90 days after the sales contracts are signed.
The nationwide median sales price for existing single-family homes was at in the 2nd quarter of 2020 $ 345,000, 24.3% more than a year ago, according to data from Florida Realtors Research, in collaboration with local brokerage boards / associations. The nationwide median price for condominiums was at in the quarter $ 250,000, 20.8% more than in the previous year. The median is the center; half of the houses sell for more, the other half for less.
At the national level, the average sales price of single-family homes rose by 22.9% $ 357,900, An increase from $ 66,800 from a year ago. All regions recorded double-digit year-on-year price growth, led by the Northeast (21.8%), followed by the South (21.0%), the West (20.9%) and the Midwest (17.1%).
New listings are rising: More sellers offering real estate should help alleviate the lack of supply
Broward single-family home new listings rose 27.4% year over year from 4,832 to 6,156 in the second quarter of 2021. Broward condominium new listings rose 27.3% year over year from 5,129 to 6,530 in the second quarter of 2021. This is a sign that more sellers are entering the market.
At the current rate of sales, the number of active advertisements corresponds to 1.4 months of inventory for single-family houses (seller's market) and 2.3 months for condominiums (seller's market). A balanced market between buyers and sellers offers between six and nine months of inventory.
Broward Real Estate had 6,256 active entries in the 2nd quarter of 2021, a 48.2% decrease from the 12,088 entries at the same time last year. The number of single-family homes fell by 44.1% from 4,088 to 2,284. Broward's condominium inventory declined 50.4% from 8,000 to 3,972.
Broward Real Estate is attracting multiple bids, with buyers going above list price
Because of the low inventory, especially for single-family homes, Broward properties are attracting multiple bids and buyers going above list price. The average percentage of the original list price in Q2 2021 was 100% for single-family homes and 96.5% for condominiums.
The average contract length for single family home listings was 13 days, down 68.3% from 41 days in Q2 2020. The average contract length for existing condos was 34 days, a decrease of 39.3% from 56 days in Q2 2020 corresponds.
The average sales time for single-family homes decreased by 31% from 84 to 58 days. The average sales time for existing condominiums decreased 22.2% from 99 to 77.
Broward cash sale 70.9% more than the national number in the 2nd quarter of 2021
Cash sales accounted for 39.3% of Broward's completed sales in Q2 2021, compared to 28% in Q2 2020. According to the latest NAR statistics, approximately 23 percent of US home sales are in cash.
The high proportion of cash buyers is a reflection Miami's Top position as the pre-eminent American real estate market for overseas buyers who tend to buy with cash as well as some migrating from the more expensive US markets that can buy more with their profits from real estate sales.
Cash sales represented 51.5% of all existing Broward condominium sales and 23.8% of single-family transactions.
Broward County Statistical Reports for the 2nd Quarter 2021 – visit SFMarketIntel.com
Note: The statistics in this press release may vary depending on the reporting date. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Brokers
That MIAMI Chartered by the National Association of Realtors in 1920, the Association of Realtors is celebrating 101 years of service for real estate agents, the buying and selling audience, and the communities in South Florida. Consisting of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, he represents a total of 52,000 real estate professionals in all aspects of real estate sales, marketing and brokerage. It is the largest local brokerage association in the US and has official partnerships with 223 international organizations worldwide. MIAMIs official website is http://www.MiamiRealtors.com
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Media contact
Chris Umpierre, MIAMI Brokers Association, 3054687047, chris@miamire.com
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SOURCE MIAMI Association of Brokers
source https://seapointrealtors.com/2021/08/13/broward-real-estate-continues-trend-of-surging-sales-in-2q-2021/
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