FORT LAUDERDALE (CBSMiami) — The price of buying a home in Broward County just got a bit higher.
According to our news partners at the Miami Herald, the interest in single-family homes rose with 1,476 sales in December.
That’s up 6.6 percent year-over-year with an average price tag of $305,000 for a single family home.
That on top of tight inventory is expected to keep driving up prices.
To clarify, in a healthy market there is about six to nine months of supply, but in Broward there is only four months worth of supply.
Condo sales in the county, on the other hand, are down. Sales slumped to 1,409 in December – about a 4.1 percent drop since 2014.
The average sales price of a condo in Broward also dipped slightly to $131,000 – a drop of $500 year over year.
One cause may be the pre-construction market since developers are starting to build more condos in Fort Lauderdale.
Another cause may be a drop in foreign buyers.
While Broward is less dependent on foreign buyers than Miami-Dade, it still accounted for 25 percent of residential sales in 2015, according to the Miami Association of Realtors.
Top buyers from countries like Canada, Venezuela, Colombia, Argentina, Brazil, India and Russia have all seen their currencies plummet against a strong dollar. This means less purchasing power for them.
As for Miami-Dade County, numbers are set to be released Monday.