July 2024 Real Estate Market Trends in Hollywood Lakes, FL: Significant Shifts in Sales and Inventory

The real estate market in July 2024 exhibited significant shifts compared to the previous year. While there was a notable decline in closed and cash sales, the market saw a substantial increase in both median and average sale prices. The extended time to contract and sale, along with the rise in new listings and active inventory, suggests a more competitive market environment. These trends highlight the dynamic nature of the real estate market, emphasizing the importance of staying informed and adaptable to navigate these changes effectively.

Notable changes are evidenced when comparing to July 2023. Closed sales decreased by 46.2%, from 13 to 7, while cash sales dropped by 57.1%, from 7 to 3. Cash sales as a percentage of closed sales also fell by 20.3%, from 53.8% to 42.9%.

However, the median sale price saw a significant increase of 38.8%, rising from $850,000 to $1,180,000, and the average sale price increased by 15.3%, from $1,243,462 to $1,434,298.

July 2024 Real Estate Market Trend

• The dollar volume of sales decreased by 37.9%, from $16.2 million to $10.0 million.
  

• The median percent of the original list price slightly decreased by 1.0%, from 93.8% to 92.9%.
  

• The median time to contract more than doubled, increasing by 104.3%, from 23 days to 47 days, and the median time to sale increased by 16.9%, from 65 days to 76 days.
  

• New pending sales decreased by 20.0%, from 10 to 8, while new listings saw a substantial increase of 115.4%, from 13 to 28.
  

• Pending inventory decreased by 16.7%, from 18 to 15, and active inventory increased by 56.6%, from 76 to 119.
  

• The months supply of inventory rose by 51.4%, from 7.4 months to 11.2 months.

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