Since one year ago, the number of active listings is 6% while the sold properties are down 31.2%.
The pended listings (now under contract) are the same as last year (no change). When the PENDED LISTINGS indicator is rising, our market is in recovery. Contracts have been written and are anticipated to close.
Average home prices are up 21.3% compared to last year. The price per square foot of a single family residence, is approximately $169 per square foot – which is an increase of 12.7% over last year.
Part of the reason for the (shortage/increase) of inventory: Homes remain on the market an average of 32 days — a decrease of 50% over last year. Homes are selling within 96% of their originally listed price.
The average listed price in Pembroke Pines, Florida (homes built in 2000 or greater) is $609,000 — a 21.3% increase over last year. The average sold price is $507,000.
Important information: Months of Inventory. Currently, Pembroke Pines, Florida is experiencing 4.3 months of inventory which is indicative of a Seller’s market. This is 38.4% increase from a year ago. Even though we are experiencing a 38.4% increase from one year ago, the inventory is still too low.
It is time to list, time to sell, time to upsize, time to downsize — money is still inexpensive to borrow.
Consider what is happening throughout South Florida:
Download all five graphs that were used in the production of this blog.