For the first quarter 2022, single-family home market in Broward County remains fairly strong but is starting to experience a transition with three straight down quarters in the of the number of sale transactions (year-over-year).
According to FloridaRealtors, there were a total of 3,852 existing single-family home sales throughout Broward County during the first quarter 2022. This represents a 9.7% decline from the number of existing single-family sale transactions during the first quarter 2021 (4,267).
Closed sale transaction have varied during the past several quarters:
- Q1 2022 – 3,852 (down 9.7% year-over-year)
- Q4 2021 – 4,285 (down 9.8% year-over-year)
- Q3 2021 – 4,794 (down 1.2% year-over-year)
- Q2 2021 – 5,219 (up 67.7% year-over-year)
- Q1 2021 – 4,267 (up 28.4% year-over-year)
- Q4 2020 – 4,748 (up 23.7% year-over-year)
Based on the current level of activity and the decline in pending sales during the quarter, it is anticipated that the number of overall sales of existing single-family homes will continue decline in the upcoming quarter.
Overall dollar sales volume for the first quarter 2022 was $3.0 billion which is a 10.6% increase from the $2.7 billion realized during the first quarter of 2021. Quarterly dollar sales volume has grown (year-over-year) seven straight months since the second quarter 2020 which was the onset of the pandemic.
- Q1 2022 – $3.0 billion (up 10.6% year-over-year)
- Q4 2021 – $2.9 billion (up 7.6% year-over-year)
- Q3 2021 – $3.2 billion (up 24.4% year-over-year)
- Q2 2021 – $3.6 billion (up 139.6% year-over-year)
- Q1 2021 – $2.7 billion (up 57.1% year-over-year)
- Q4 2020 – $2.7 billion (up 49.7% year-over-year)
Single Family Home Sale Prices (First Quarter 2022)
The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.
For the first quarter 2022, the median sale price for existing single-family home sale transactions in Broward County was $520,000 which is 19.5% higher than that observed for the first quarter 2021.
- Q1 2022 – $520,000 (up 19.5% year-over-year)
- Q4 2021 – $490,000 (up 16.7% year-over-year)
- Q3 2021 – $495,000 (up 19.7% year-over-year)
- Q2 2021 – $475,000 (up 23.4% year-over-year)
- Q1 2021 – $435,000 (up 14.5% year-over-year)
- Q4 2020 – $420,000 (up 12.0% year-over-year)
For the same period, the average sale price for single-family home sale transactions in Broward County was $766,814. This amount is up 22.5% year-over-year and is one of the highest value home averages realized across the entire state of Florida for this period.
- Q1 2022 – $766,814 (up 22.5% year-over-year)
- Q4 2021 – $677,511 (up 19.2% year-over-year)
- Q3 2021 – $674,218 (up 25.9% year-over-year)
- Q2 2021 – $690,694 (up 42.9% year-over-year)
- Q1 2021 – $626,025 (up 22.3% year-over-year)
- Q4 2020 – $568,366 (up 21.0% year-over-year)
Single Family Home Inventory Levels (First Quarter 2022)
Inventory is the number of active property listings on the market for sale at any given point in time. This particular statistic is one of the main components in a healthy real estate market.
As of the end of the first quarter 2022, there was just 1,608 single-family homes available for sale throughout Broward County which is a 27.2% decline from the amount of inventory as of the end of first quarter 2021. This continues a year-over-year quarterly decline for 12 straight quarters.
- Q1 2022 – 1,608 (down 27.2% year-over-year)
- Q4 2021 – 1,731 (down 39.1% year-over-year)
- Q3 2021 – 2,323 (down 28.2% year-over-year)
- Q2 2021 – 2,284 (down 44.1% year-over-year)
- Q1 2021 – 2,209 (down 55.1% year-over-year)
- Q4 2020 – 2,842 (down 41.1% year-over-year)
The monthly supply of single-family home inventory as of the first quarter 2022 was also historically low. At the current pace of sales, there is just a 1.1 month of inventory available for sale in Broward County which is down by 31.3% from the same period in 2021.
- Q1 2022 – 1.1 months supply (down 31.3% year-over-year)
- Q4 2021 – 1.1 months supply (down 47.6% year-over-year)
- Q3 2021 – 1.5 months supply (down 42.3% year-over-year)
- Q2 2021 – 1.4 months supply (down 58.8% year-over-year)
- Q1 2021 – 1.6 months supply (down 56.8% year-over-year)
- Q4 2020 – 2.1 months supply (down 41.7% year-over-year)
The number of new single-family home listings were put onto the market during the first quarter declined by 9.7% year-over-year. The prior five quarters are as follows:
- Q1 2022 – 4,993 (down 9.7% year-over-year)
- Q4 2021 – 4,256 (down 10.8% year-over-year)
- Q3 2021 – 5,456 (down 1.6% year-over-year)
- Q2 2021 – 6,156 (up 27.4% year-over-year)
- Q1 2021 – 5,528 (up 4.6% year-over-year)
- Q4 2020 – 4,772 (up 4.2% year-over-year)
Due to demand levels and low inventory, the number of new listings are increasingly higher price points continues to grow. Following is a table of new first quarter 2022 single-family listings at individual price points.
| Initial Listing Price Point (New) | New Listings | % Change (YOY) |
| Less than $50,000 | 2 | -50.0% |
| $50,000 – $99,999 | 3 | -76.9% |
| $100,000 – $149,999 | 8 | -66.7% |
| $150,000 – $199,999 | 19 | -77.1% |
| $200,000 – $249,999 | 78 | -62.0% |
| $250,000 – $299,999 | 214 | -57.8% |
| $300,000 – $399,000 | 887 | -34.0% |
| $400,000 – $599,000 | 1,656 | -4.4% |
| $600,000 – $999,999 | 1,266 | 27.5% |
| $1 million or more | 860 | 38.3% |
As of the first quarter 2022, the following table will show the number of active property listings at individual price points.
| Current Listing Price Point | New Listings | % Change (YOY) |
| Less than $50,000 | 0 | NA |
| $50,000 – $99,999 | 2 | 100% |
| $100,000 – $149,999 | 0 | -100% |
| $150,000 – $199,999 | 3 | -93.2% |
| $200,000 – $249,999 | 21 | -75.0% |
| $250,000 – $299,999 | 54 | -66.8% |
| $300,000 – $399,000 | 237 | -46.1% |
| $400,000 – $599,000 | 432 | -10.4% |
| $600,000 – $999,999 | 342 | -11.9% |
| $1 million or more | 517 | -12.5% |
Are you thinking of selling?
Based on the year-end 2021 data, the current state of the market is highly favorable for seller. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, now may be the perfect time to do so.
Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.
Contact us at info@quantumcos.com or learn more by visiting our web site at www.QuantumRealtyAdvisors.com.
The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only.
