The Broward County Market Snapshot for March 2024 is out. We have a continued decline in sales volume for both single family homes and condos. Regardless of the decline in demand, median sales price for both are up more than 7% over March of last year. As for supply, inventory of single family homes is up 34.1% and months supply is up 44.4% to 3.9 months. It is a different story for condos. Inventory of condos has almost doubled and we have 7.2 months supply.
Months supply is an important number. It is also known as the absorption rate. It means that if nothing new came on the market, it would take 7.2 months to sell all the condos in Broward County, which is about where we were pre-pandemic before interest rates dropped. If your curious to know what the months supply of inventory is in your community or building is just divide the number of active listings by the average number of sales per month. If it is around 6, the market is balanced. The lower the number to more it favors sellers and the faster homes sell.
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Serving The Greater Fort Lauderdale area since 2006
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