By looking at our charts of average sale prices, it sure looks like May was the market top in residential real estate prices in Broward County, Florida. We will look at the tri-county data over the next few days, but here is a quick look at house & condo sales in Broward.
In the month of May, the average sale price of a single-family home in Broward County dropped to $350,138, down from $365,312 in June and $390,755 in May. That represents a drop of 11.6% from may to July. As far as condo prices, the average sale price was $167,771 in July, down 7.6% from $180,522 in May.
As for the inventory of houses and condos on the market, both categories climbed higher last month. There were 6,252 houses on the market in July and there were 7,986 condo properties available for sale. When you combine both segments, the total number of properties on the market climbed to 14,238, representing a 43% increase in supply since inventory bottomed in April 2013.
What types of transactions are closing? There were 1,516 single-family home sales in July and here is the breakdown:
- 1,174 or just over 77% of all closings were traditional sales
- 204 or just over 13% were foreclosure sales
- 138 or just over 9% were short sales
As for the 1,420 condo sales in the month of July, here is the breakdown:
- 1,037 or 73% of all transactions were traditional sales
- 288 or 20% of all closings were foreclosure sales
- 95 closings were short sales, making up the remaining 7%