While Miami struggles, Broward County’s housing market is looking steady
The first half of 2016 has been a regular slugfest for Miami’s housing market, but the grass seems a bit greener for its neighbor to the north.
While sales in Miami-Dade continue their downward slope, Broward County saw a moderate uptick for both closed sales and prices during June, according to a new report from the Greater Fort Lauderdale Realtors association.
A total of 1,635 condos and townhomes were sold in Broward last month, marking a 4.4 percent jump in closed deals year-over-year. Single-family homes saw a slightly higher 4.8 percent jump in sales, coming out to 1,805 properties sold.
Although the numbers are by no means earth shattering, they’re a far cry from the market woes in Miami and Miami Beach. A second quarter report from brokerage Douglas Elliman showed sales fell as much as 24 percent, year-over-year in certain areas, signaling a market correction could be on its way.
Back in Broward, housing prices continued their steady rise during June. The median price for condos and townhouses hit $149,250 last month, spiking by 10.4 percent year-over-year. Single-family homes had a more moderate price increase of 7.3 percent, standing at a median of $325,000 in June.
And the inventory pile-up that’s slowing down Miami-Dade was nowhere to be seen in Broward. Active inventory for single-family helps fell 10 percent to 5,490 properties in June, while condos saw a slight inventory uptick of 1.8 percent to 8,641 units. The past 12 months have been a constant squeeze on single-family housing inventory, according to the association, while new condos entering the market are starting to level out year-over-year after a significant influx that started in February.
While both sectors of the market grew during June, the association’s figures show Broward’s true strength is in its single-family homes. Dollar volume for home sales hit $682 million in June, more than double that of condo’s $307.8 million. And for the past 12 months, year-over-year home sales haven’t fallen once — something Broward’s more volatile condo market can’t boast.