If you liked the Broward County real estate stats in June 2020, you’ll be even happier with what happened in July. The real estate indicators in July 2020 even beat what was happening in the market a year ago.
The number of CLOSED SALES in July 2020 was 1,646, an increase of .7% from last year at this time, and up from 1,313 in June 2020.
The MEDIAN SALES PRICE increased. In July 2020, it was $400,000, which is a 5.3% increase over July last year, and up from last month, when the median sales price was $390,000. The AVERAGE SALES PRICE was $511,102, which is a 7.6% increase over July 2019. It even shows an increase from the $498,158 average sales price in June of this year.
The MEDIAN PERCENT OF THE ORIGINAL LIST PRICE received held strong yet again in July at 96.9%. That’s higher than in June when it was 96.2%, and .9% higher than it was in July 2019. That’s a result of sellers setting reasonable list prices, and the competition in the market preventing a lot of negotiating.
The real estate market in Broward County sped up in July 2020. The MEDIAN TIME TO CONTRACT dropped from 44 days in June to 32 days. That’s a drop of 25.6% from July 2019, also. Homes were almost flying off the shelves, undoubtedly due to some pent up demand.
The MEDIUM TIME TO SALE was also shorter at 73 days, down from 89 days in June. That’s a drop of 14.1% over July 2019. It’s still definitely a seller’s market, but that doesn’t mean you should put off buying.
The number of NEW LISTINGS in July 2020 was 1,957, which is an increase over June’s number of 1,772, and 3.9% higher than this time last year.
At the end of July 2020, there were 3,725 ACTIVE LISTINGS, representing a 3.1 MONTHS SUPPLY OF INVENTORY, which is less than last month, when we had a 3.4 months’ supply. If you’re thinking about selling, now would be a good time to jump into the market because there are a lot of buyers out there looking for a new place to call home.
Our active listings and inventory supply are much lower than this time last year when there were 5,562 active listings representing a 4.2 months’ supply. It’s likely that the COVID-19 pandemic has had an effect on those numbers.
Whether you’re selling or buying in Davie Florida or other County locations, you’ll want to work with professional Realtors in Davie who serve all of Broward County. Please consider the Teri Arbogast Real Estate Team. Take a look at our Google reviews, and you’ll see that our 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.