Median house and condo sale prices jumped sharply in Broward and Palm Beach counties in January, compared to the same month last year.
The median days on the market dropped in both counties year over year, too.
The findings from the Broward, Palm Beaches & St. Lucie Realtors® suggest the roaring 2021 housing market has carried over into the early part of this year.
“It will be interesting to follow the market trends over the next couple of months and see how it compares to the success we saw in the winter of 2021,” Carlos A. Melendez, president of Broward, Palm Beaches & St. Lucie Realtors®, said in the organization’s January 2022 housing report. “Sellers should be ready for a busy season ahead and expect to see the median sale price continue to climb.”
In Broward County, the median sale price for a single-family home last month was $500,000, a jump from the median $420,000 during January 2021. Median time to contract dropped to 18 days, compared to 22 days the previous year.
The median price for Broward condos and townhomes was $220,000, up from $209,000 the year before. Median days on the market plunged from 45 days last year to just 22 days last month.
Palm Beach County saw similar trends. The median sale price for a single-family home last month was $526,500, nearly a 25% increase from the median $422,000 during January 2021. Median time to contract dropped to just 15 days, compared to 27 days the previous year.
The median sale price for Palm Beach condos and townhomes was $265,000, compared to $218,900 the year before. Median days on the market dipped to a mere 14 days last month. In January 2021 the number was 42 days.
Inventory for all residential properties in both counties in January was estimated at 1 to 1.6 months, which is considered exceptionally low and a sharp decrease across the board from the inventory in January 2021.