Pricing on South Florida single-family homes and condos continues to show strong year-over-year gains, the latest market report from the Broward, Palm Beaches & St. Lucie REALTORS® shows.
In Broward County, the median price of single-family homes increased to $560,000 in April, compared to $464,000 the same month in 2021. Average days on the market dropped from 14 to 12 year over year, and months of housing inventory dipped from 1.4 to 1.2.
The townhouse and condo market in Broward reflected the same trends. Median pricing increased from $220,000 to $245,000. Average days on the market plummeted from 36 to 13 and months of inventory also dropped sharply from 3.3 to 1.3.
“It seems like every month, our median sale price continues to climb. Meanwhile, inventory levels remain low, which is fueling competition in Broward County,” said Carlos A. Melendez, president of Broward, Palm Beaches & St. Lucie REALTORS®. “Properties are coming off the market almost as soon as they are listed. Our median time to contract is an astounding 12 days.”
In Palm Beach County, the median price for single-family homes hit $601,000, up from $466,000 the previous year. Average days on the market dropped to nine. It was 13 in April 2021. Months of inventory remained flat at 1.4, considered very low overall.
The median condo/townhouse price in Palm Beach County rose to $293,500, compared to $240,250 last year. Average days on the market dropped from 28 to just 10. Months of inventory were cut in half, from 2.2 to 1.1, illustrating the current condo market frenzy.
Broward, Palm Beaches & St. Lucie Realtors® is the third-largest local Realtor® association in the nation, representing over 40,000 Realtors® across South Florida.