Residential real estate transaction volume climbed in the Fort Lauderdale area during the month of March. There were 1,870 houses sold in March, and 2151 condo sold during the month. Obviously with the lack of available inventory of houses, buyers are now flocking to the condo market. The total number of transactions in South Florida during the month of March were 4,021.
Average selling prices climbed in March as well. The average sale price of a single family home in Broward County Florida was 662, 637 and the average sale price of a condo was 292, 386 during the month of March. as you will notice from the chart, these are new highs for this cycle. Who knows how long this rally in real estate prices will last. As long as mortgage rates remain low, that will continue to provide fuel for the housing market. Right now, the only problem seems to be lack of available inventory.
As it stands, there are only 2, 209 houses listed for sale in the Broward County market. There are currently only 5, 658 condo Properties for Sale across Broward County. What will happen if nobody moves? After another strong month or two, is it possible that there will be no houses listed for sale on the market?
Mortgage rates are still ridiculously low. There was a month or two where we thought that they could climb higher but they seem to have found a resting spot. This week as per Freddie Mac, the 30 year fixed-rate mortgage stood at 2.97 percent and the 15 year fixed-rate mortgage was 2.29 percent plus any points and fees.
Average monthly sales
The average monthly transaction volume climbed due to the strong numbers in March. Here is a chart showing 2021 compared to the prior 9 years in average monthly sales of houses and condos in the Fort Lauderdale area.