The Broward County market continues to strengthen as reflected by sales and pricing activity in the third quarter.
Miami, FL (PRWEB) November 11, 2011
In Broward County, sales of homes – including existing single-family homes and condominiums – increased 13 percent in the third quarter of 2011, from 6,498, a year earlier to 7,323, according to the Broward Council of the MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
Broward sales of existing single-family homes increased five percent in the second quarter compared to a year earlier. The sales of existing condominiums in Broward rose 13 percent compared to the third quarter of 2010. Statewide sales of single-family homes increased 12 percent while that of condominiums increased 13 percent. Nationally, total state existing-home sales, including single-family and condo, declined 0.1 percent compared to the second quarter of 2011 but were 17 percent below the third quarter of 2010.
“The Broward County market continues to strengthen as reflected by sales and pricing activity in the third quarter,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “The local area has recovered faster and stronger than the rest of the U.S., and we expect to set a news sales record in 2011, pointing to rising demand and stability.”
NAR Chief Economist Bold Prediction for South Florida in 2012
NAR Chief Economist Lawrence Yun yesterday predicted at MIAMI’s 17th Annual International Real Estate Congress further strengthening for the South Florida market in 2012. “My bold prediction for 2012 is that we will see double digit price increases in South Florida in 2012,” said Yun. “South Florida is the top destination for foreign buyers. More international sales during the downturn proves international buyers have fueled the local market recovery. There is also high demand for distressed properties on a local level.”
Median Sales Prices
While short sales and foreclosures continue to have an impact on home prices, especially in some areas of the county, the median sales price of both single-family homes and condominiums again posted gains in the second quarter.
The median sales price for condominiums increased three percent to $77,600. The median sales price for single-family homes in Broward rose one percent to $191,200 in the third quarter. Statewide, median sales prices remained the same at $136,000 for single-family homes and rose seven percent to $89,600 for condominiums. The national median existing single-family home price was $169,500 in the third quarter, down 4.7 percent from $177,800 in the third quarter of 2010.
The average sales price in the third quarter for single-family homes and condominiums rose five percent, from $111,397 in 2010 to $117,033 in 2011, and six percent, from $249,068 in 2010 to $264,506 in 2011, respectively
“Median and average sales prices in Broward County have risen consistently over the last few months, which is a very positive sign,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “We are fortunate to be the top area in the nation for international buyers, who increasingly strengthen our market and local economy in an impressive manner.”
Total housing inventory in Broward County has decreased 33 percent from a year ago and six percent from the previous quarter.
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 24,000 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.