Introduction
The condo market in Broward County, Florida experienced a remarkable rebound in May, surpassing previous months’ sales figures and setting a new record for the year. With a surge in total dollar volume and sales, the market regained momentum and showcased a strong performance. Let’s explore the highlights of this impressive month for Broward County’s condo market.
Sales Performance and Record-Breaking Figures
May proved to be a standout month for Broward County’s condo market, with sales reaching an astounding $414 million. This marked a significant increase from April’s $336 million and set a new record for the year. March, February, and January sales stood at $379 million, $238 million, and $250 million, respectively. The upward trajectory displayed by these figures indicated a robust recovery and growing confidence among buyers and sellers alike.
The number of closed sales also saw a substantial jump, with brokers finalizing 1,162 transactions in May compared to 962 in April, according to Multiple Listing Service data from Redfin. This increase in sales volume demonstrated a positive shift in market activity and consumer demand.
Impressive Price Range and Median Sale Price
May witnessed a diverse range of sale prices in Broward County’s condo market. Transactions ranged from $70,000 to an impressive $13.3 million, with a median sale price of $240,000. The median price per square foot remained consistent with April, at $234, and ranged from $76 to $2,133. This wide spectrum of prices catered to varying buyer preferences and showcased the versatility of the market.
Highlighting Noteworthy Sales
The top-selling condo in May was Unit 702 at the Four Seasons Residences in Fort Lauderdale, which sold for an impressive $13.3 million after spending 420 days on the market. This sale, brokered by Daniel Teixeira of Douglas Elliman, set a new price per square foot record at $2,133.
Conversely, the most affordable sale was Unit 204 at Park South in Lauderhill, which sold for $70,000 or $96 per square foot after 429 days on the market. Lance Randall of Keller Williams Elite Properties facilitated the sale.
May proved to be a phenomenal month for Broward County’s condo market, with a surge in sales and total dollar volume. The market’s resilience and ability to bounce back from previous setbacks are evident in the record-breaking figures and diverse price range. With renewed momentum, the future of Broward County’s condo market looks promising.
