WATCH: Broward’s residential market in the “7th inning,” says Mike Pappas

Single-family home market under $500k stronger than luxury sector, Keyes CEO says

May.May 15, 2017 10:30 AM

Video by TRD’s Alistair Gardiner

Broward County’s residential market is in the “seventh inning,” according to Keyes Company CEO Mike Pappas.

Pappas caught up with The Real Deal South Florida Managing Editor Ina Cordle at TRD‘s Third Annual Broward Real Estate Showcase & Forum in April.

While Broward has a 30-month supply of condos priced over $1 million, the single-family home market under $500,000 lacks more than two months of supply, he said. And like in Miami-Dade, pricing is being adjusted to move luxury product. “Pricing needs to adjust as people realize it’s not double-digit increases but single-digit, and so once that gets fixed, we’re very bullish on the future,” he added.

Overall, a lack of land has led to an increase in demand.

Pappas was part of a panel discussion on the future of Broward County’s residential market. To watch the panel in full, click here.

For more videos, visit The Real Deal’s YouTube page

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