As a Realtor, one of the most common questions I'm asked is "How's The Market?"
Here you can get a detailed Davie market report or even customize your own report based on neighborhoods.
As an overview of the market from my perspective, it has been a Seller's Market here in South Florida. Some people believe that's going to change due to COVID, but I think Davie is going to remain popular, as it lies on the outskirts of Fort Lauderdale. There are homes with acreage and space, which I think people will be looking for in the coming years.
The Greater Fort Lauderdale Board of Realtors came out with statistics for April 2020 showing that single family homes in Davie only had a 3 month supply of inventory. Keep in mind that 6 months is considered average. In the townhouse / condo category, there's also a 3 month's supply of inventory.
Currently inventory is low throughout Broward County, so prices are holding steady and even continuing to increase in some areas. If we see a lot of inventory coming on the market in the future, things may change. But for now, inventory for single family homes in Broward County as a whole is only 3.9% for single family homes. Inventory for townhouses & condos is at 6 months.
If you're not interested in all these statistics and just want to search homes for sale, you can click here to go to my Davie page or click here to go to my home page where you can search anywhere in Broward County.
In the first quarter of 2020, 119 single family homes closed in Davie with a median sales price of $425,000. The average list to sales price was 93.1% and the median time from list to contract was 72 days.
Looking at townhouses and condos, there were 62 closed sales in the first quarter of 2020. Interestingly, 37.5% were cash sales. I attribute this to the continued difficulty in financing condos in Florida. Personally I'm hoping that more condos will pursue FHA eligibility, as this would make it so much easier for young people to buy their first home. When I started in Real Estate back in 1998, there were many condos that could be purchased with FHA financing.
Continuing on with townhouses and condos, the median sales price in Davie for the first quarter was $195,550, representing an 8.9% increase over last year. The average list to sales price was 95% and the median time from list to contract was 51 days.
If you haven't checked out the market report for your area, what are you waiting for! It's a great tool and it's free!
Of course if you ever have questions about Real Estate or are thinking of buying or selling, I'd love to hear from you. You can give me a call at 954-557-7036 or email debbie@SouthFLHomes.com.