As a Real Estate Professional it's important to understand the National Averages, Local County and when it comes to a specific home understanding the sales in that neighborhood.
Nationally in January Home Sales rose 11% in 2016 versus January 2015 by 5.47 Million. This shows a strong real estate market nationally. Home Sales are slightly up 0.4% compared to December 2015
Inventory Levels are still below historic norms with roughly a 4 Month Supply. To put that number in perspective typically a "Balanced" Market is a 6 Month Supply. Balanced Market means it's not a sellers market or a buyers market. When Inventory is low that could mean it's a Sellers market pushing prices high and increasing the competition between home buyers.
Homes Sold Nationally in 64 Days with 32% of all Home Sales sold in less than a month! If a home is priced right and looks great typically it will sell in less than 14 days. There are other extremes to this if the home is not priced right or updated it could sit on the market for a year or more. That's why the average is 64 Days.
In Broward County we have seen low price points under $200,000 with low inventory sell in as little as 1 day because of the demand. Our $Million Dollar inventory can sell in less than 30 days, however the inventory is over 11 Months of Supply, meaning it's a Buyers Market.
Understand the national numbers you hear don't really tell the whole story. It's like a weather man saying the national average for weather today is 72 Degrees. It doesn't mean your specific area is 72 Degrees.
If you are interested in knowing the true Home Sales update in your specific Neighborhood Contact Jay Cermak Top Fort Lauderdale Real Estate Agent Today! Call or Text 954.235.3589 for your FREE market update in your neighborhood in South Florida.
The only way to truly understand what your home is worth or may sell for is the study the micro market which varies from street to street.
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