Broward County Reports Strong Sales Activity in September

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In Broward County, single-family home sales increased 11 percent, from 974 in September 2010 to 1,079 last month, according to the Broward Council of the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Condominium sales increased six percent from 1,214 to 1,281.

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Terri Bersach, Broward President, MIAMI Association of Realtors

The Broward County real estate market continues to perform in a healthy and balanced manner, as local home prices stabilize or rise in many areas and neighborhoods.

In Broward County, single-family home sales increased 11 percent, from 974 in September 2010 to 1,079 last month, according to the Broward Council of the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Condominium sales increased six percent from 1,214 to 1,281.

Statewide sales increased 10 percent to 15,036 for single-family homes and 10 percent to 6,666 for condominiums compared to September 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops declined three percent from the previous month and but were 11.3 percent above September 2010, according to the National Association of Realtors (NAR).

“The Broward County real estate market continues to perform in a healthy and balanced manner, as local home prices stabilize or rise in many areas and neighborhoods,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Inventory is declining, as housing demand exceeds available supply. International buyers, who mostly pay all cash, are playing a major role in market strengthening as evidenced by the high number of cash condominium sales. ”

Cash Transactions
In September, 60 percent of closed sales in Broward County were cash transactions, a three percent drop from the previous month. Cash sales accounted for 35 percent of single-family and 82 percent of condominium closings. Nationally, all-cash sales accounted for 30 percent of transactions.

Median and Average Sales Price
Compared to September 2010, the median sales price in the Fort Lauderdale Metropolitan Statistical Area (MSA) for single-family homes decreased seven percent to $188,800. The median sales price for condominiums rose three percent to $71,900.

The average sales price for single-family homes dropped 12 percent to $237,344 last month compared to $269,802 in September 2010. The average sales prices for condominiums increased 6.9 percent, from $108,587 to $116,098.

Statewide median sales prices increased one percent to $133,900 for single-family homes and seven percent to $87,200 for condominiums. The national median existing-home price for all housing types was $165,400 in September, down 3.5 percent from September 2010.

“While we are still seeing minor price fluctuations due to the high percentage of distressed sales, the Broward real estate market is poised to set a sales record this year,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “We expect local sales in 2011 to exceed total closed transactions in 2005, which was the height of the real estate boom.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 36 percent, from 21,886 to 13,441 since September 2010 and 0.3 percent since last month.

Total housing inventory nationally fell two percent to 3.48 million at the end of September compared to the previous month.

Distressed Properties
Short sales and foreclosures represented 50 percent, down four percent from September 2010 and up two percent compared to the previous month, of total closed August sales in Broward County.

Note: Statistics in this news release may vary depending on reporting dates.

About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating over 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.

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