The median sale price of a single-family home in Broward County reached a record high of $600,000 in July, the Broward, Palm Beaches & St. Lucie Realtors® reported in its monthly market data.
That’s a $10,000 increase compared to the previous month and a $105,000 increase over the same month the previous year.
Homes continued to sell quickly, a median of 13 days to contract, even as inventory increased. Months supply of inventory hit 2.4, up from 1.5 months last year.
Broward townhomes and condos had a July median sale price of $265,000, the same as June. Inventory was at two months, down from 2.2 months the same month last year.
“We’re continuing to see inventory improvement in Broward County. Listings have risen consecutively for the past three months. In July, active inventory rose by 37.2% to 3,313 listings, and supply of inventory increased 60% to 2.4 months,” Carlos A. Melendez, president of Broward, Palm Beaches & St. Lucie REALTORS®, said in the report.
In Palm Beach County, The median single-family home sale price dropped to a four-month low of $600,000 in July, still a significant increase from $500,000 in July 2021.
Median time to contract was still relatively quick, at 14 days, an increase from 10 days in the same month last year. Inventory grew to 2.7 months from 1.5 months last year.
The median price for townhomes and condos dropped to a five-month low of $290,777 in Palm Beach County.