West Broward Luxury Homes Real Estate Market Report in 2021

West Broward Luxury Homes
Real Estate Market Report: 1st Quarter of 2021

Throughout Northwest and Southwest Broward County’s Communities of Single Family Homes, it’s a Seller’s Market. Inventory is low, there’s very high demand and insufficient supply, properties are selling very quickly, prices are increasing, and bidding wars happen frequently. An average level of Inventory is considered to be when there’s approximately 6 months of inventory, which is a balanced/neutral market between Buyers and Sellers with moderate property value appreciation. In all of the Cities that are listed below, months of supply = 0. To put the Inventory level into perspective in terms of the number of properties for sale in a Subdivision, an average level of Inventory = approximately 10% of the total properties being available on the market for sale.

If you’re a Buyer who’s currently in the market, there’s minimal (sometimes zero) price negotiation, your Offer needs to be very strong from the initial Offer, and many properties are selling for final purchase prices that are higher than their list prices. Competition is very intense, not only from Buyers who are purchasing property for personal usage, but also from numerous Investors who are purchasing Single Family Homes. Individual Investors, institutional Investors, and others are very active in the Real Estate market and are purchasing large numbers of Single Family Homes.

New Construction: For Buyers who are interested in new construction, Parkland, Florida offers the most extensive selection of new Communities that have brand new Homes available, Homes that are currently under construction, and pre-construction. However, Inventory in the new construction market is limited as well and there’s insufficient supply to meet the very high demand. Lumber shortages and significantly increasing lumber prices are creating delivery and construction delays, along with contributing to increasing home prices.

Below are the average purchase prices, purchase price ranges, and average list price to sale price ratios for Single Family Homes that were purchased during the first Quarter of 2021 in Southwest Ranches, Parkland, Weston, Davie, Cooper City, Plantation, and Coral Springs. Each of their names below are linked to their individual profile page, which includes additional details about each City, Community information, and listings of properties that are currently for sale.

Southwest Ranches, Florida