Average Home Prices in Broward County

Below are details about average purchase prices, Home affordability, average Market time, etc.  of Single Family Homes that were sold in various Cities of Broward County within the last 6 months–during the months of October 2013 – March 2014.     Please note the following:

• Average prices for Single Family Homes sold throughout Broward County increased approximately 16% from December 2012 to December 2013 and in some Communities, values increased even higher than the average.    Savvy Buyers who purchased properties in the most recent years after the Real Estate crash ended are already enjoying significant property value increases.    In one of my East Ft. Lauderdale Property Closings that’s scheduled for next week, the amount that the property is selling for is $133,000 more than what the Sellers paid for it when they bought it in 2011 (I’m representing the Sellers in the sale and also represented them as their Agent when they bought the Property in 2011)…note as well that when they bought the property in 2011, it wasn’t purchased as a Short Sale, Foreclosure, or any type of Distress sale.
  
  
• 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 Single Family Home located East of U.S. 1 is $1,000,000 and above, which is significantly higher than the overall average purchase price of $508,076 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 $828,914 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 previously, 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 77 days 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.   After experiencing several years of a Buyers’ Market, we have now transitioned back to a Sellers’ 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.
  
  
• A City’s size in population and area + its’ number of available properties affects its’ total properties sold.  Ft. Lauderdale, for example, has an estimated Population of 170,000 and ~Land size of 34 Square Miles.  Lauderdale by the Sea, on the other hand, has an estimated Population of 6,258, ~1.23 Square Miles of  Land area and many more Condos than Single Family Homes.
  
  
• Most of the final purchase prices were not significantly discounted from the prices that were listed at the time of Purchase Contract.
  
  

Related Reading:

• How much should you offer for a property?

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