M O N T H L Y
MARKET UPDATE A P R I L ' 1 7
BROWARD
BROWARD
April 2017 is a Neutral market! The number of for sale listings was down 7% from one year earlier and down 1.9% from the previous month. The number of sold listings decreased 13% year over year and decreased 14.4% month over month. The number of under contract listings was down 7.1% compared to the previous month and down 3.2% compared to the previous year. The Months of Inventory based on Closed Sales is 4.8, up 6.6% from the previous year. The Average Sold Price per Square Footage was up 0.5% compared to the previous month and up 6.3% compared to last year. The Median Sold Price increased by 1.8% from last month. The Average Sold Price also increased by 0.7% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Appreciating".
FOR SALE vs. SOLD
The Average Days on Market showed a downward trend, was the same compared to the previous year. The ratio of Sold Price vs. Original ListPrice is 93%, an increase of 1.1% compared to the previous year.
BROWARD
FOR SALE vs. SOLD
IT'S A NEUTRAL MARKET Property Sales (Sold) April property sales were 2534, down 13% from 2914 in April of 2016 and 14.4% lower than the 2960 sales last month. Current Inventory (For Sale) Versus last year, the total number of properties available this month is lower by 923 units of 7%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from.The number of current inventory is down 1.9% compared to the previous month. Property Under Contract (Pended) There was a decrease of 7.1% in the pended properties in April, with 3222 properties versus 3467 last month. This month's pended property sales were 3.2% lower than at this time last year.
AVERAGE PRICE PER SQ. FT. BROWARD
The Average Sold Price per Square Footage is Appreciating* The Average Sold Price per Square Footage is a great indicator for thedirection of property values. Since Median Sold Price and Average SoldPrice can be impacted by the 'mix' of high or low end properties in themarket, the Average Sold Price per Square Footage is a morenormalized indicator on the direction of property values. The April 2017Average Sold Price per Square Footage of $185 was up 0.5% from$184 last month and up 6.3% from $174 in April of last year.
* Based on 6 months trend – Appreciating/Depreciating/Neutral
DAYS ON MARKET BROWARD
The Days on Market Shows Downward Trend* The average Days on Market (DOM) shows how many days theaverage property is on the market before it sells. An upward trend inDOM trends to indicate a move towards more of a Buyer’s market, adownward trend indicates a move towards more of a Seller’s market.The DOM for April 2017 was 70, down 1.4% from 71 days last monthand the same as in April of last year .The Sold/Original List Price Ratio Remains Steady** The Sold Price vs. Original List Price reveals the average amount thatsellers are agreeing to come down from their original list price. Thelower the ratio is below 100% the more of a Buyer’s market exists, aratio at or above 100% indicates more of a Seller’s market. This monthSold Price vs. Original List Price of 93% is up 1.1% % from last monthand up from 1.1% % in April of last year.
* Based on 6 months trend – Upward/Downward/Neutral ** Based on 6 months trend – Rising/Falling/Remains Steady
AVERAGE PRICE FOR SALE & SOLD BROWARD
The Average For Sale Price is Appreciating* The Average For Sale Price in April was $575,000, up 8.7% from $529,000 in April of 2016 and up 1.4% from $567,000 last month. The Average Sold Price is Neutral* The Average Sold Price in April was $295,000, up 4.6% from $282,000 in April of 2016 and up 0.7% from $293,000 last month. The Median Sold Price is Appreciating* The Median Sold Price in April was $229,000, up 6% from $216,000 in April of 2016 and up 1.8% from $225,000 last month.
* Based on 6 months trend – Appreciating/Depreciating/Neutral
MONTHS OF INVENTORY BROWARD
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers. Months of Inventory based on Closed Sales The April 2017 Months of Inventory based on Closed Sales of 4.8 was increased by 6.6% compared to last year and up 14.2% compared tolast month. April 2017 is Neutral market. Months of Inventory based on Pended Sales The April 2017 Months of Inventory based on Pended Sales of 3.8 was decreased by 5% compared to last year and up 5.5% compared to last month. April 2017 is Neutral market.
*Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory
ABSORPTION RATE BROWARD
Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month. Absorption Rate based on Closed Sales The April 2017 Absorption Rate based on Closed Sales of 20.7 was decreased by 6.3% compared to last year and down 12.7% compared to last month. Absorption Rate based on Pended Sales The April 2017 Absorption Rate based on Pended Sales of 26.3 was increased by 4.4% compared to last year and down 5% compared to last month..
*Buyer’s market: 16.67% and below Seller’s market: 33.33% and above Neutral market: 16.67% - 33.33% All reports are published May 2017, based on data available at the end of April 2017, except for the today stats. This representation is based in whole or in part on data supplied by the Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or theSoutheast Florida Multiple Listing Service (MLS). Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.
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