M O N T H L Y
MARKET UPDATE S E P T E M B E R ' 1 7
BROWARD
BROWARD
September 2017 was a Buyer's market! The number of for sale listings was down 5.8% from one year earlier and down 1.3% from the previous month. The number of sold listings decreased 37.9% year over year and decreased 38.2% month over month. The number of under contract listings was down 41.9% compared to the previous month and down 34.6% compared to the previous year. The Months of Inventory based on Closed Sales is 6.6, up 53.3% from the previous year. The Average Sold Price per Square Footage was down 2.5% compared to the previous month and up 9.7% compared to last year. The Median Sold Price decreased by 3.8% from last month. The Average Sold Price also decreased by 5.2% 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 93%, an increase of 1.1% compared to the previous year.Â
BROWARD
FOR SALE vs. SOLD
IT'S A BUYER'S MARKET Property Sales (Sold) September property sales were 1715, down 37.9% from 2763 in September of 2016 and 38.2% lower than the 2776 sales last month Current Inventory (For Sale) Versus last year, the total number of properties available this month is lower by 692 units of 5.8%. 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 1.3% compared to the previous month. Property Under Contract (Pended) There was a decrease of 41.9% in the pended properties in September, with 1729 properties versus 2975 last month. This month's pended property sales were 34.6% lower than at this time last year.
AVERAGE PRICE PER SQ. FT. BROWARD
The Average Sold Price per Square Footage is Neutral* 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 September 2017 Average Sold Price per Square Footage of $192 was down 2.5% from $197 last month and up 9.7% from $175 in September of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
DAYS ON MARKET BROWARD
The Days on the Market Shows Neutral 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 September 2017 was 67, up 1.5% from 66 days last month and the same as in September 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, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 93% is the same as last month and up from 1.1% in September of last year.
* Based on 6 month trend – Upward/Downward/Neutral ** Based on 6 month trend – Rising/Falling/Remains Steady
AVERAGE PRICE FOR SALE & SOLD BROWARD
The Average For Sale Price is Neutral* The Average For Sale Price in September was $593,000, up 6.3% from $558,000 in September of 2016 and the same as last month. The Average Sold Price is Neutral* The Average Sold Price in September was $312,000, up 9.1% from $286,000 in September of 2016 and down 5.2% from $329,000 last month. The Median Sold Price is Neutral* The Median Sold Price in September was $250,000, up 6.8% from $234,000 in September of 2016 and down 3.8% from $260,000 last month.
* Based on 6 month trend – Upward/Downward/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 September 2017 Months of Inventory based on Closed Sales of 6.6 was increased by 53.3% compared to last year and up 60.9% compared to last month. September 2017 is Buyer's market. Months of Inventory based on Pended Sales The September 2017 Months of Inventory based on Pended Sales of 6.5 was increased by 44.3% compared to last year and up 70.5% compared to last month. September 2017 is Buyer's 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 September 2017 Absorption Rate based on Closed Sales of 15.3 was decreased by 34.1% compared to last year and down 37.3% compared to last month. Absorption Rate based on Pended Sales The September 2017 Absorption Rate based on Pended Sales of 15.4 was decreased by 30.3% compared to last year and down 41% 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 September 2017, based on data available at the end of August 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 the Southeast 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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