Broward Housing Inventory Rises, Supply Reaches 2.5 Months
Just in! August 2022 released from Florida Realtors® detailing recent real estate activity in Broward County. The reports compare year-over-year data. Here are statistics on single family homes.
“Housing inventory continues to rise in Broward County! We’re starting to see supply levels improve with the help of increasing interest rates and inflation. In August, active inventory rose by 46.7 percent to 3,458 listings, and supply of inventory increased 66.7 percent to 2.5 months,” said Carlos A. Melendez, President of Broward, Palm Beaches & St. Lucie Realtors®.
Inventory is the number of property listings that are active at the end of the month. Meanwhile, months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory given recent sales rates.
“Sellers, don’t let rising inventory levels deter you from listing your property. Yes, we have more supply entering the market, but Broward County is still seeing intense competition among buyers. Our area is one of the most sought-after regions to purchase real estate in the country, and we see that through median home prices rising again with an increase of 13.6 percent to $562,500. Contact a local Realtor® today — they are the market experts and will serve as your advocate in the home buying or selling process,” continues Melendez.
August Market Reports : Single Family | Townhouses/Condos
Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the nation, representing over 40,000 Realtors®, 41,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.