The median price of Broward County single-family homes and condos jumped 20% in February, compared to the same month in 2021, a new market report shows.
The data released Friday by the Broward, Palm Beaches & St. Lucie Realtors® shows rising prices, shrinking inventory and no end in sight to the surging real estate industry in South Florida.
“There’s no doubt right now that the market is hot. It seems like everyone wants to invest and make Broward County their new home,” said Carlos A. Melendez, president of Broward, Palm Beaches & St. Lucie Realtors®.
The median single-family home sale price in Broward County was $519,000 in February, up 19.9% from $433,000 the year before. Months supply of inventory dropped from 1.7 in February 2021 to 1.1 last month.
The median Broward County condo and townhome price last month was $240,000, compared to $200,000 last year. Months supply of inventory plummeted from 4.9 last year to 1.5.
The numbers in Palm Beach County were similar, where the median price of a single-family home increased year over year by 18.9%, from $450,000 to $535,000. Months of inventory were cut nearly in half from two in February 2021 to 1.1 last month.
The median price for condos and townhomes in Palm Beach County grew to $275,000 from $236,000 last year. Palm Beach County has just one month of condo and townhome inventory, compared to 4.1 months in February 2021.