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Regional Spotlight—Home Sales and Prices Rise in Broward, FL

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RISMEDIA, March 23, 2011—In Broward County, condominium sales increased 19 percent from 1,138 in February 2010 to 1,357 last month, according to the 23,000-member MIAMI Association of REALTORS® and the Southeast Florida Multiple Listing Service (SEFMLS). Single-family home sales increased by 16 percent in February, from 782 to 909. Cash transactions represented 69 percent all sales in February.

Statewide sales increased 29 percent to 6,984 for condominiums and 13 percent for single-family homes to 13,701. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops dropped 9.6 percent from January and were 2.8 percent below February 2010, according to the National Association of Realtors® (NAR).

“Rising sales and increasing prices are very positive signs for the Broward County real estate market,” says Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS®. “After experiencing rising prices several times over the last few months, current figures reflect market strengthening and stabilization. These numbers also reflect the increased buying activity we have seen since the beginning of the year.”

Median and Average Sales Price
The median sales price of condominiums in the Fort Lauderdale Metropolitan Statistical Area (MSA) increased four percent to $67,100 compared to February 2010. The median sales price for single-family homes was $16700, up 22 percent from a year prior.

The average sales price for single-family homes increased 2.5 percent, from $245,511 in February 2010 to $251,563 last month. The average sales prices for condominiums dropped 21 percent, from $134,369 to $106,133.

Statewide median sales prices decreased 14 percent to $77,300 for condominiums and two percent to $124,500 for single-family homes. The national median existing-home price for all housing types was $156,100 in February, a 5.2 percent drop from February 2010.

“Broward County attracts all types of buyers who are looking to take advantage of great weather, record affordability, and local amenities,” says Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS®. “Current market performance reflects the demand that exists for Broward real estate and the fact that it is still a great time to buy.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 15.3 percent from 20,917 to 187,710 since March 2010, according to the SEFMLS. Total housing inventory nationally fell 3.5 percent at the end of February.

Days on the Market
In Broward County, the total number of days a property stays on the market increased 10.2 percent to 101 days for single-family homes and 1.6 percent to 104 days for condominiums compared to a year earlier.

Distressed Properties
Short sales and foreclosures represented 58 percent of total closed February sales in Broward County, which has a significant downward impact on prices, yet median prices still increased in February.

For more information visit www.miamire.com.

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