“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 percent to 3,313 listings, and supply of inventory increased 60 percent to 2.4 months,” said Carlos A. Melendez, President of Broward, Palm Beaches & St. Lucie REALTORS®.
Inventory is the number of property listings that are active at the end of the month. Meanwhile, months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory given recent sales rates.
“Despite more inventory entering the Broward County market, buyer competition remains high. Median home prices rose again with an increase of 21.2 percent to $600,000. I encourage all sellers who have been on the fence to start a conversation with a local Realtor® today,” continues Melendez.
July Market Reports :