12 Mar Home Prices Surge in Fort Lauderdale and Other South Florida Cities
According to the South Florida Business Journal, home sales in Fort Lauderdale and the surrounding areas have increased by double digits while home prices went up due to a shortage of inventory. Single-family homes in South Florida increased 10.8% in January compared to the same month a year ago, and the median sales price increased 17.6%. In terms of condos and townhomes in South Florida, sales increased by 17.3% and the median price followed suit with 14.6%. Brad O’Connor, Florida Realtors Chief Economist, said that low mortgage rates have driven the increase in home sales and that trend is expected to continue through most of 2021.
In Broward County specifically, home sales jumped almost 20% while the median sales price increased almost 23% to $209,000. Active listings in Broward county dropped 13% in January, fueling a seller’s market.
Providing insight into the surge, Karen Johnson, President of Broward, Palm Beaches & St. Lucie Realtors stated, “Last year’s trend of monthly increases in closed sales and median price looks to be continuing into 2021. The low inventory levels of 2.2 months are causing homes to be sold at an astonishingly quick rate. The median days on market in January for Broward was 22 days, a 56% decrease, year over year.”
Have you been considering purchasing a home in Fort Lauderdale or the surrounding areas? Fairway Fort Lauderdale would love to help! Call us today and set up a time so we can pre-approve you to shop the spring market!