Below are details about average purchase prices and average Market times of Single Family Homes that were sold in various Cities of Broward County during the first 6 months of 2012. Please note the following about the data:
- In Cities that are located East and close to the Beach, prices are significantly higher for Waterfront properties and for Properties that are located closest to the Beach. In Ft. Lauderdale, for example, the current, average purchase price for a Waterfront Home located East of U.S. 1 is $900,000 and above, which is significantly higher than the overall average purchase price of $426,047 for the entire City of Ft. Lauderdale. To cite another example, the entire City of Lighthouse Point is located East of U.S. 1 and has many Waterfront properties, which is demonstrated in its’ high average purchase price of $679,934 for the entire City.
- Various factors affect the total number of days that a property is listed for Sale on the Market through a Broker and some properties have been previously listed for sale, then re-listed later, which restarts the count for number of days on the Market, however, the averages listed below are very representative of the approximate Market times that we’re currently experiencing.
- With significantly reduced Inventory, an average Market time of 3.5 months for Single Family Homes throughout Broward County and with many properties receiving multiple Offers within a few days of hitting the Market, it’s no longer a Buyers’ Market, in most cases, and Buyers are learning that they will need to adjust to the new reality if they expect to realistically participate in the Market.
- The majority of Luxury properties have longer average Market times than non-Luxury properties. In Broward County’s Market, Luxury properties comprise the top 10% of the total number of properties that are sold and such properties sell for purchase prices of $500,000 and above.
| City | Average Purchase Price during January – June of 2012 |
Average # of Days on the Market |
| Ft. Lauderdale | $426,047 | 112 |
| Parkland | $522,949 | 115 |
| Coral Springs | $262,926 | 82 |
| Pompano Beach | $175,145 | 109 |
| Lighthouse Point | $679,934 | 137 |
| Lauderdale by the Sea | $548,094 | 100 |
| Deerfield Beach | $192,055 | 99 |
| Coconut Creek | $203,624 | 93 |
| Davie | $368,914 | 91 |
| Hallandale | $246,202 | 143 |
| Hollywood | $177,056 | 88 |
| Plantation | $313,501 | 91 |
| Southwest Ranches | $687,339 | 169 |
| Weston | $457,155 | 75 |
| Wilton Manors | $297,043 | 86 |
Related Reading:
- How much should you offer for a property?
- Ft. Lauderdale Waterfront Properties–2012 Market Report
- Is it still a Buyer’s Market?
- South Florida’s current Real Estate Market
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