Increase In Median Prices Of Broward County Single-Famly Homes Reflects Sustained Price Growth

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The median price of an existing single-family home in Broward County in November was $210,000, 8.8 percent higher than the median price of an existing Broward single-family home (SFHs) a year earlier, according to statistics released today by the Greater Fort Lauderdale Realtors® (GFLR), the largest professional Broward-based association of licensed real estate brokers and sales associates.

The median sales price of existing townhouse-condo increased year-over-year by 22.7 percent to $92,000 from $75,000 in November 2011.

“The year-over-year median price increase of Broward County residential housing continues to hold steady, while the decrease in available inventory of existing homes, as well as the increasing prices of new homes driven, in part, by rising material costs provides a support base for rising existing home prices,” said Stephen B. McWilliam, president of the Greater Fort Lauderdale Realtors®. “Pending sales continued to remain stronger in November over the previous year, while home sellers were just a few percentage points shy of receiving their asking price – both indicating continued support for rising existing single-family, condominium and town home values, and the sustained recovery of the Broward County housing market.”

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The inventory of existing SFHs for sale in Broward County declined 50.3 percent to 4,718, compared to 9,502 in November 2011. The inventory of existing townhouses and condominiums for sale in Broward County decreased 42.1 percent from November 2011 to 6,287 units in November 2012.

New SFH for-sale listings declined 9.4 percent to 1,643 SFHs and declined 4.7 percent to 2,126 townhouse-condos since November 2011.

The number of months supply of existing housing inventory for sale – an indication of the absorption rate based on home sale volume – was 3.2 months for SFHs, and 3.8 months in November for townhouses-condominiums. Compared to November 2011, the SFH months of inventory has declined 59.0 percent, and townhouse-condominium has dropped 44.9 percent.

The ratio of the original list price to the actual sales price increased slightly with sellers receiving 93.5 percent of their asking price for existing SFHs in November, compared to 91.0 percent a year ago. Owners of townhouse-condominiums received 94.2 percent of their asking price in November, up 2.1 percent from a year ago.

Pending sales, which are houses and townhouse-condominiums under contract but have not yet closed, were up 52.6 percent in November from the pervious year to 1,634 SFHs, and up 28.8 percent to 1,797 townhouse-condominiums.

Closed short sales were up 7.5 percent in November to 557, with the median sales price increasing 13.3 percent to $119,000 from a year ago. Closed foreclosure sales were down 17.1 percent to 413 in November compared to a year ago, while the median price of foreclosures was $93,300, up 8.5 percent over November 2011.

Greater Fort Lauderdale Realtors® is the largest Broward-based professional association of real estate brokers and sales associates conducting business throughout South Florida while focusing on Broward County. GFLR provides multiple listing services (MLS), educational programs, ethical guidance and other services that enable licensed real estate professionals to help people buy and sell homes in Broward County and throughout South Florida.

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Source: Greater Fort Lauderdale Realtors