08 Oct Fort Lauderdale Condo Sales Jump 51% in the Summer
Demand for Broward County condos has soared in July 2021, with condo sales increasing 51% year-over-year, from 1,324 to 1,999. Even as the red-hot housing market begins to cool off in parts of the country, the pent-up demand for South Florida real estate has continued to lift home prices.
Notably, the appetite for condos in the Fort Lauderdale area exploded this year, with sales up in all price ranges and major transaction increases in properties selling at $300K and above. The median number of days between the listing date and contract date for condos in Broward County was 24 days in July 2021, down 65.2% from 69 days last year.
While condo sales surged across all price brackets, Broward existing condo sales priced between $400K to $600K increased a staggering 163.2% to 200 transactions in July 2021. By the same token, luxury condo sales valued at $1-million-and-up increased 60.6% year-over-year to 53 transactions.
The migration of big-name corporations to South Florida together with homebuyers leaving tax-burdened states out West and in the Northeast has contributed to the booming real estate market. In addition, low interest rates coupled with huge inflows of foreign investment have further exacerbated the upward pressure on real estate prices.
To read more about the growing demand for Broward condos, click here.
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