Inventory and Median Prices Through July 2021
Inventory continues to be problematic for our real estate market and until we see a significant drop in demand we expect inventory levels to remain low. Available inventory has decreased every month since September 2020 and as of the end of July active listings were about half the level of the same time last year, a new historic low. Sales dropped off slightly last month, but had zero effect on inventory since sales are still well above historical levels for the month of July.
Inventory, sales and price data is collected for NE Broward county, including Fort Lauderdale, Pompano Beach, Lauderdale-by-the-Sea, Lighthouse Point, Hillsboro Beach, Deerfield Beach, Oakland Park and Wilton Manors.
Active listings in NE Broward are now below 2,000 units, a historic low.
Single family inventory remains relatively unchanged from 2 months ago with less than one month of supply below the median list price of $1,375,000. Even at the higher price ranges in the single family segment, supply is strongly favoring sellers with about 3 months of supply. More single family buyers are moving to the condo market, pushing condo inventory lower. Total condo inventory is now at less than 2 months of supply.
Low single family inventory is pushing more buyers into the condo market where supply is now less than 2 months.
Median sale prices are up double digits in every category year over year and we still have 4 months left in 2021.
- Single Family Waterfront: $1,530,000 (+35.1%)
- Single Family Non-Waterfront: $526,000 (+18.2%)
- Condo Waterfront: $418,000 (+14.5%)
- Condo Non-Waterfront: $260,000 (+10.6%)
