Even though the graph above reflects fifteen months of sales activities, we are focusing on annual numbers.
Since one year ago, the number of active listings is up 15.8 % while the sold properties are down 50%
The pended are up 15.9%. 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 down. The price per square foot of a (single-family/condo) residence, is approximately $8.9 per square foot – which is an increase of 9.1% over last year.
Part of the reason for the increase of inventory: Homes remain on the market an average of 80 days — an increase of 42.9% over last year.
Homes are selling within 95% of their originally listed price.
The average listed price in Plantation is $668,000 – an 8.9% decrease over last year. The average sold price is $491,000, an increase of 9.1%.
Important information: Months of Inventory. Currently, Plantation is experiencing 9.7 months of inventory which is indicative of Buyer’s market. This is a 131.6% increase from a year ago.
It is time to list, time to sell, time to up-size, time to downsize — money is still inexpensive to borrow.
PART II: Using MLS/Fusion and Facts & Trends
Plantation Market Update: First Quarter of 2019
Prognosticators stated that 2019 would bring a decrease in inventory, which is NOT a welcome to buyers who are competing for great homes and creating a multiple-bid situation in the hottest of neighborhoods.
The housing market is extremely competitive from April through June. The most serious buyers are well aware of this and double their search efforts in early Spring in order to beat the heavy competition. These buyers are ready, willing and able, and as you can see below, are carrying cash.
There are currently 303 single-family homes listed for sale. 9 of those listings are short sales and 2 are foreclosures. The highest priced home is an estate home which is listed over $2,699,000 Million.
Our inventory has been so low for so long that the 131.6% increase reflects 9.7 months of inventory.
Of the 53 closed sales for this first quarter.
What about the luxury market?
Of the 53 homes sold in Plantation, Florida this year, 2 were priced over One Million Dollars, and 1 of those homes were purchased with cash. There are currently 53 homes in Plantation priced over One Million Dollars.
If you are serious about getting the highest price, now is the time to sell. As inventories increase, prices will level.
Here are graphs; FactsAndTrendsReport