The June 2020 numbers are in, and it’s good news!
The number of CLOSED SALES in June 2020 were 1,313. While that is down about 10% from last year, it’s up from the 814 sales in May 2020. And, we’ve moved from a 51% decrease between May 2019 and May 2020, to just a 10% drop in June for the same years.
The MEDIAN SALES PRICE has also increased. In June 2020, it was $390,000. That’s a 5.4% increase from June 2019, and about a 4.7% increase from May 2020. The AVERAGE SALES PRICE was $498,158, which is a 6.7% increase over June 2019 and it even shows an increase from the $468,646 average sales price in May 2020.
The MEDIAN PERCENT OF THE ORIGINAL LIST PRICE received held strong. In May 2020 it was 96.2%, and in June 2020 it was 96.5%. June’s figure was also a slight increase, 0.2%, over the same time last year.
The market was moving slower in Broward County in June than in May 2020. The MEDIAN TIME TO CONTRACT went up to 44 days. That’s 12.8% higher than in June 2019 and 33% higher than in May 2020. So, homes were on the market for a bit longer before a contract was signed.
The MEDIUM TIME TO SALE was also longer at 89 days, representing a 7.2% increase over June 2019 and a 17% increase over May 2020. Buyers are getting a bit of a breather because homes aren’t going under contract as quickly, but sellers are still happy since homes aren’t staying on the market for an extended period either.
The number of NEW LISTINGS in June 2020 was down from the same time last year. This June, 1,772 new listings came on the market, which is a 5.8% decrease from June 2019. But, with 1,755 new listings in May 2020, we’re up about 10% from last month, and that shows that there’s still a good amount of activity in the market.
At the end of June 2020, there were 4,089 ACTIVE LISTINGS, representing a 3.4 MONTHS SUPPLY OF INVENTORY, which is just about where we were last month, but fewer than we had in June of 2019.
Various indicators determine whether it’s a buyer’s or seller’s market in real estate. One of the easiest is to look at is how much inventory there is. A basic rule of thumb is that if there is less than 6 months’ supply of homes for sale, it’s a sellers’ market. Buyers will compete for a smaller selection of homes and sellers won’t negotiate much. We’re in a seller’s market right now. The inventory is low, and homes are selling very close to the asking price.
If there is more than 6 months’ supply of homes for sale, the buyers are more in control. They have their choice of a number of potential new homes, they’ll typically negotiate harder, and sellers will be more open to selling for less than their asking price.
If you are planning to buy a home in Broward County, check out our tips for buying in a sellers’ market. And, if you’re selling or buying in Davie or other County locations, 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.