M O N T H L Y
MARKET UPDATE M A R C H ' 1 7
BROWARD
BROWARD
March 2017 was a Neutral market! The number of for sale listings was down 7.7% from one year earlier and down 1.7% from the previous month.The number of sold listings decreased 10.8% year over year and increased 28.8% month over month. The number of under contract listings was up 25.8% compared to the previous month and up 5.2% compared to the previous year. The Months of Inventory based on Closed Sales is 4.7,up 2.2% from the previous year. The Average Sold Price per Square Footage was up 2.2% compared to the previous month and up 8.1% compared to last year. The Median Sold Price increased by 6.5% from last month. The Average Sold Price also increased by 5.7% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".
FOR SALE vs. SOLD
The Average Days on Market showed a neutral trend, was the same compared to the previous year. The ratio of Sold Price vs. Original List Price is 92%, a decrease of 1.1% compared to the previous year.
BROWARD
FOR SALE vs. SOLD
IT'S A BUYERS MARKET Property Sales (Sold) March property sales were 2640, down 10.8% from 2958 in March of 2016 and 28.8% higher than the 2049 sales last month. Current Inventory (For Sale) Versus last year, the total number of properties available this month is lower by 1047 units of 7.7%. 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 1.7% compared to the previous month. Property Under Contract (Pended) There was an increase of 25.8% in the pended properties in March, with 3690 properties versus 2933 last month. This month's pended property sales were 5.2% higher 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 the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The March 2017 Average Sold Price per Square Footage of $186 was up 2.2% from $182 last month and up 8.1% from $172 in March of last year.
* Based on 6 months trend – Appreciating/Depreciating/Neutral
DAYS ON MARKET BROWARD
The Days on Market Shows Upward Trend* The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market.The DOM for March 2017 was 72, down 4% from 75 days last month and the same as in March of last year. The Sold/Original List Price Ratio Remains Steady** The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower 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 month Sold Price vs. Original List Price of 92% is the same as last month and down from 1.1% % in March 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 Neutral* The Average For Sale Price in March was $567,000, up 9.9% from$516,000 in March of 2016 and up 0.4% from $565,000 last month. The Average Sold Price is Neutral* The Average Sold Price in March was $299,000, up 8.7% from$275,000 in March of 2016 and up 5.7% from $283,000 last month. The Median Sold Price is Neutral* The Median Sold Price in March was $229,000, up 12.8% from $203,000 in March of 2016 and up 6.5% from $215,000 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 March 2017 Months of Inventory based on Closed Sales of 4.7 was increased by 2.2% compared to last year and down 24.2% compared to last month. March 2017 is Neutral market. Months of Inventory based on Pended Sales The March 2017 Months of Inventory based on Pended Sales of 3.4 was decreased by 13% compared to last year and down 20.8% compared to last month. March 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 March 2017 Absorption Rate based on Closed Sales of 21.1 wasdecreased by 3.2% compared to last year and up 31% compared to lastmonth. Absorption Rate based on Pended Sales The March 2017 Absorption Rate based on Pended Sales of 29.5 wasincreased by 13.9% compared to last year and up 27.7% compared tolast 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 April 2017, based on data available at the end of March 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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