Plantation Residential Real Estate is in TROUBLE, what we like to call GOOD TROUBLE

Joseph Jennings | Broker, ABR, PPM, CAM | Tag: Plantation Real Estate

sunny-associates-best-realtor-in-plantation-fl-joe-jennings-1

Published: Sept 28, 2020 | | By Joe Jennings

Plantation Residential Real Estate is in TROUBLE, what we like to call GOOD TROUBLE for all of us longtime City of Plantation residents.

The National Association of Realtors data reveals that the City of Plantation has several issues brewing with our Residential Real Estate market.

  • Low inventory of homes for sale
  • People want to buy, live and work in Plantation
  • Major double-digit increases in home prices

This is a perfect storm that our market is crazy.

In August of 2020, according to NAR, The City of Plantation had only 147 active single- family homes for sale. Currently in September we now have even less. In August of 2019 we had a total of 292 active single-family homes on the market. This is a decrease from 2019 of just under 50% percent.

Despite lower than usual inventory, closed sales of homes increased by 46.6% over last year. This could be a direct result of historically low interest rates.

best-rated-realtor-broker-plantation-fl-real-estate-in-plantation-1

Record low interest rates in Plantation

The extremely low interest rates are helping buyers pay more for a single-family home in Plantation

  • The average sales price jump of over 13.5% from August of 2019.
  • The average sales price of a single family home in Plantation rose to $547,253 in 2020 vs $482,024 in 2019 for the month of August.
  • The Median price of a City of Plantation home also shadowed with an increase of over 12%.

This increase in single-family home prices increased the total dollar sales amount a whopping 68.7%. The total sales volume for August 2020 was almost $58 million versus just under 34 million in August 2019

best-rated-realtor-broker-plantation-fl-real-estate-in-plantation-2

The National Association of Realtors is also reporting a decrease in the time a home stays on the market. NAR is reporting that in August of 2019 a home was listed for sale in Plantation for the average of 43 days before it was announced that it had a sale contract pending. In August of 2020 NAR reported a home was actively listed for sale only 22 days. That is an amazing decrease of 48% over last year.

Even with low inventory of homes for sale in Plantation, NAR reports that single-family homes with sale contracts pending have also increased by double digits. In August of 2019 there was a total of 61 new contracts on homes in the City of Plantation. This month NAR reports 86 new contracts. That is a very substantial increase of 41%. Total active pending contracts also increased. In August of 2019 NAR reported 117 homes waiting for closing.

The “BILLION $$$” QUESTION is: Should I Buy or Sell?

These questions should be answered on an individual or family need basis. If you need help in answering this question, we would love to help you decide.

Give us a call or text. Sunny & Associates. 954-982-4842. We will be happy to help you with your real estate decision for the Plantation real estate market.

Former Steelers Quarterback Michael Vick Lists his South Florida Home in Plantation

Former Pittsburgh Steelers quarterback Michael Vick has put his South Florida home on the market for just under $2.4 million.

Buyers Eyeing South Florida Should Consider Broward County for Good Returns on Investment

Offering quieter beaches and lower density than Miami and Palm Beach, Broward County is more appealing than ever to Northeasterners

Why Are People Driven To Move In Today’s Real Estate Market

This year, with so many Americans relocating throughout the United States, the pandemic shut down has many reshaping their own outlook on needs and lifestyle choices.

Relocating or Moving to South Florida? Here’s a few Pros, Cons & Home Search Tips

Like all places, South Florida has its pros and its cons. With the number of people moving to South Florida each day it is obvious the Cons..

Tips For Selling Your Home in a Seller’s Market in an Association or HOA

Thinking of Selling Your Home or Condo? What you need to know for HOA’s or Community Associations for Selling Your Home in a Seller’s Market.

A Look At Home Price Appreciation Through 2025

Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Home Price Appreciation…

7 Things To Look For When Choosing The Best Real Estate Company

Here are 7 Things to Look For When Choosing the Best Real Estate Company for Buying or Selling your home or property.

Florida Real Estate Tax Exemptions, What You Need To Know

As a service to our clients and followers, Sunny & Associates has put together a list of Florida’s Real Estate tax exemptions.

Hottest Real Estate Market in the World may be Palm Beach, FL, Brokers Say

The average home price in Palm Beach, Florida, was more than $7 million during the third quarter, according to a report from Douglas Elliman and Miller Samuel.

Buying vs Renting Tips & Commonly Asked Questions

Here are some questions that we at Sunny & Associates will ask you in order for you to find out if it’s time for you to finally buy a home.

sunny-associates-best-rated-realtor-broker-plantation-fl-joe-jennings-1-b

Top Rated Real Estate Broker

Real Estate Markets: Plantation, Davie, Cooper City, Pembroke Pines, Weston, Sunrise, Fort Lauderdale, Boca Raton, Port St. Lucie, Vero Beach, Florida