Since one year ago, the number of active listings is up 150% while the sold properties are down 11.1%.
The pended listings are down 33.3%. 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 2.5% compared to last year. The price per square foot of a single-family residence, is approximately $160 per square foot – which is an increase of 8.2% over last year.
Part of the reason for the increase of inventory: Homes remain on the market an average of 43 days — an increase of 10.3% over last year.
Homes are selling within 96% of their originally listed price.
The average listed price in Pembroke Pines, zip code 33028 is $446,000– a 2.5% increase over last year.
The average sold price is $404,000 which is a 6.9% increase over last year.
Important information: Months of Inventory. Currently, Pembroke Pines (33028) is experiencing 3.8 months of inventory which is indicative of a Seller’s market. This is a 187.5% increase from a year ago. Considering the fact that one year ago the inventory was at 1.3 months, an increase of 187.5% is a welcoming change to buyers. Our inventory has been so incredibly low, that any increase is a good thing.
What does Months of Inventory mean? If we did not take one more listing today and sold everything currently listed, it would take 3.8 months to exhaust the listings.
It is time to list, time to sell, time to upsize, time to downsize — money is still inexpensive to borrow.
Would you like all this information for yourself?
Consider what is happening nationally:
https://www.youtube.com/watch?v=sTnpw_ispsQ
Now is the time to sell. As inventories increase, prices will level.