As we begin the final month of the year, national news outlets are commenting on the decreasing Pending Home Sales trend. In short, pending home sales statistics came in, for the 10th consecutive month, lower than the previous year, which always raise concerns. Locally, Broward County (Fort Lauderdale), reports fewer number of new contracts, year over year, but all other indicators show a very healthy market as we finish 2018.
South Florida’s markets are resilient and always interesting. Broward’s home sales in October show increases in all major areas. Closed Sales and Dollar Value grew in double digits for both Condominium and Single Family homes. Median and Average sales prices also increased, while months of inventory still point to a sellers market.
Focusing on the condo market, the increase in dollar value was significant, over 35% year over year, which, when coupled with seven months of increasing sales, show that this segment is very dynamic and is poised to offer a lot of opportunity as it slides from seller to balanced market (balanced defined as 6 to 9 months of inventory).
As we finish this year, Broward County continues to perform well within the Miami-Fort Lauderdale-West Palm Beach market. South Florida continues its dynamic growth, and, as such, to provide opportunities to grow, live and invest.