Broward County Condo Sales Continue Rising in February 2022

Broward New Condo Listings Rise in February 2022
by Chris Umpierre

There is always a seasonal fade in inventory in the winter. More inventory is expected to come this spring as potential home sellers become more comfortable listing and showing their homes. Rising interest rates should also continue to drive demand in the first quarter of 2022.

New listings of Broward single-family homes decreased 2.8% to 1,646 from 1,693. New listings of condominiums increased 0.3%, from 2,081 to 2,088.

Inventory of single-family homes decreased 29.9% year-over-year in February 2022 from 2,338 active listings last year to 1,639 last month. Condominium inventory dropped 58.7% year-over-year to 2,671 from 6,466 listings during the same period in 2021.

Months’ supply of inventory is down since July 2019 for single-family, reflecting strong demand. Months’ supply of inventory for single-family homes decreased 35.3% to 1.1 months, which indicates a seller’s market. Inventory for existing condominiums decreased 69.4% to 1.5 months, which indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Total active listings at the end of February 2022 decreased 40.3% year-over-year, from 8,804 to 5,260.

Nationally, total housing inventory at the end of February totaled 870,000 units, up 2.4% from January and down 15.5% from one year ago (1.03 million). Unsold inventory sits at a 1.7-month supply at the current sales pace, up from the record-low supply in January of 1.6 months and down from 2.0 months in February 2021.