I. MARKET ACTIVITY JULY 2023
Single-family homes inventory is at 2 months of supply.
MONTHS' SUPPLY OF INVENTORY (MSI) This statistic indicates how long it could take to sell current inventory based on recent sales. Around six (6) months of supply is generally considered a balanced or neutral market. Less favors sellers while more favors buyers. COMPUTATION: Total active for-sale listings as of the end of the month divided by total properties sold during that month.
The number of single-family homes for sale in Parkland as of July 31, 2023 is 105 while the number closed sales reported during the month is 52. It will take 2 months to deplete inventory at this rate if no new listings enter the market.
Highest sale price recorded is $5.5 million for a 7-bedroom home in the BBB Ranches.
Sold homes averaged 45 days on the market before going under contract. Closed sale prices range between $598,500 and $5.5 million with an average of $1,299,099.83 and a median of $1,160,000. The median is the midpoint where half the homes sold for more, the other half for less.
II. SALES IN THE LAST 6 MONTHS
FEBRUARY 1-JULY 31, 2023
Median price for single-family homes in Parkland decreased 2.7% year-over-year (YoY).
• Total Closed Sales: 291 -6.7% YoY
• Average Sold Price: $1,199,064 -5.6% YoY
• Median Sold Price: $1.1 Million -2.7% YoY
• Median Sold Price/Sq.Ft: $349.68 -0.7% YoY
• Sold to List Price Ratio: 0.97 -3% YoY
• Average Days on Market: 52 Days
*Percent (%) change is compared the same period last year. The median is the preferred measure of home value because it is not sensitive to very high sale prices for a small number of homes that may not be characteristic of the area.
Real Estate Market Stats Parkland FL | August 20, 2023 is written by Team FloridaRemax.com. Data is from Southeast Florida MLS as of August 5, 2023 where information is deemed accurate but not warranted.