Broward’s falling inventory of home increases home prices

According to reports from Florida Realtors, the supply of homes in Broward is smaller than all other counties including Palm Beach. As the inventory levels falls, buyers need to become more competitive to secure one of the fewer properties. The result of increased demand and less supply is higher prices, simple economics.

In February, the median price of homes in Broward rose by 22% to prices that had not been seen since December of 2005. For Broward real estate agents this is very encouraging news of what the future will bring.

The home inventory drop for Broward County was 12.45% from January to February according to statistics by Move.com. With a 12.45% drop in inventory homes, Broward leads the nation in most rapidly decreasing home inventory.

Currently, Broward’s supply of single-family homes stands at approximately 6.7 months, if no more homes came into the market, there would be no homes for sale in Broward in about another 6 to 7 months.

Furthermore, the numbers of new homes available for immediate move-in are even smaller and continue to decrease. At the present time, there is only one new custom estate home for sale in Parkland Golf in Broward County.

It is becoming increasingly difficult for buyers to enjoy a new home without the wait. If you are looking for new estate homes and can’t find the right home, build a custom home.