If you need assistance, please call 954-610-0563

The 2018 Market So Far

Monday, April 30, 2018   /   by Andy Mandel

The 2018 Market So Far

Today I’m bringing you an update on how our market has done so far this year.

Want to sell your home? Get a FREE home value report.
Want to buy a home? Search all homes for sale.

Today I’m going to give you your 2018 Q1 market update.


For single-family homes, we had 946 come onto the market. That’s actually up 4.6% from Q1 2017.  As far as the number of closed sales, we only had 422 in the first three months of this year. That’s down 9% from last year. More homes finally coming to the market is a very good thing, but the number of sales are down.


Inventory is creeping up, which will affect pricing. In Parkland, the median price in Q1 was $620,000, which is a 3.5% increase. For a single-family home in Coral Springs, it was $390,000—a 5.4% increase. In Coconut Springs, that number was $345,000, which is up 6.97% from last year.


Based on these numbers, here is what I think will happen with more homes coming onto the market but fewer homes selling: If they don’t go down outright, prices will at least stop rising at their current rate. If you’re thinking about buying a home, now is a good time.


In a balanced market, there is a six-month supply of homes available. For the last two years or so, we’ve been at just about three months’ worth of inventory. That number has crept up in the first quarter of this year to about 3.65 months' worth. It’s definitely still a seller’s market.


We’ll also probably see prices come down a little bit, or at least appreciation will slow down. Buyers are starting to get priced out of a lot of these neighborhoods, which also explains why we’re seeing fewer homes sell.


Conditions for buyers is starting to improve, but if you’re a seller, here’s what it means for you:

It is a fantastic time to put your home on the market. There are still a lot of buyers out there and you can still get a record price for your home, especially if you’re moving up in price. There is a lot more inventory in the higher price range, and you get a lot more pricing power.


If you have any questions or are looking to buy or sell a home, feel free to reach out to us. We’d be glad to help you.

 
The Mandel Team at Re/Max
Andy Mandell
9615 Westview Drive
Coral Springs, FL 33076
954-610-0563

The multiple listing information is provided by MIAMI Association of Realtors® from a copyrighted compilation of listings. The compilation of listings and each individual listingare © 2018 MIAMI Association of Realtors®. All Rights Reserved.
The information provided is for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
This site powered by CINC: www.cincpro.com