Sandra  Canning

Sandra Canning

REALTORĀ®

License #: SL3356390

Florida Capital Realty

Mobile:
561-866-8040
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Broward Market Stats October 2019

According to the MLS of the Realtors® of the Palm Beaches and Greater Fort Lauderdale, In October 2019, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020. New Listings decreased 9.2 percent for Single Family homes and 9.8 percent for Townhouse/Condo homes. Pending Sales increased 17.2 percent for Single Family homes but decreased 1.1 percent for Townhouse/Condo homes. Inventory decreased 15.1 percent for Single Family homes and 6.9 percent for Townhouse/Condo homes. Median Sales Price increased 2.0 percent to $362,000 for Single Family homes and 5.7 percent to $168,000 for Townhouse/Condo homes. Median Time to Contract increased 5.7 percent for Single Family homes and 7.7 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 17.8 percent for Single Family homes and 3.7 percent for Townhouse/Condo homes. As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.

Download the RAPB+GFLR  Full 15-Page October 2019 Market Stats Report: (click here)

Download Broward County Property Appraiser September Market Stats (click here)

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