Broward Home Prices Rise Significantly in November

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In Broward County, single-family home sales increased 22 percent from 785 in November 2010 to 961 last month, according to the Broward Council of the 25,600-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Condominium sales decreased one percent from 1,115 to 1,089.

Terri Bersach, Broward President

Condominium prices in Broward County have risen consistently since January of this year, a very important sign of market strengthening.

In Broward County, single-family home sales increased 22 percent from 785 in November 2010 to 961 last month, according to the Broward Council of the 25,600-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Condominium sales decreased one percent from 1,115 to 1,089.

Statewide sales increased 11 percent to 12,993 for single-family homes and two percent to 5,590 for condominiums compared to November 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose four percent from the previous month and were 12.2 percent above November 2010, according to the National Association of Realtors (NAR).

Condominium prices in Broward County have risen consistently since January of this year, a very important sign of market strengthening,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Strong demand resulting in limited supply should yield continued market strengthening in 2012.”

Cash Transactions
In November, 61 percent of closed sales in Broward County were cash transactions, a one percent increase compared to the previous month. Cash sales accounted for 40 percent of single-family and 79 percent of condominium closings. Nationally, all-cash sales accounted for 28 percent of transactions, reflecting the stronger presence of international buyers in the Miami real estate market.

Median and Average Sales Price Increase
Compared to November 2010, the median sales price in the Fort Lauderdale Metropolitan Statistical Area (MSA) for condominiums rose a significant 19 percent to $75,700. The median sales price for single-family homes increased 18 percent to $195,600.

The average sales price for single-family homes rose 4.5 percent to $269,819 last month compared to $258,286 in November 2010. The average sales prices for condominiums increased 3.1 percent, from $114,144 to $117,651.

Statewide median sales prices remained the same at $130,100 for single-family homes and increased four percent to $86,700 for condominiums. The national median existing-home price for all housing types was $164,200 in November, down 3.5 percent from November 2010.

“International buyers continue to play a major role in boosting the Broward County real estate market,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Demand from both international and domestic buyers has resulted in rapid absorption of excess inventory and home value appreciation, which is expected to continue long into the future.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 40 percent, from 20,166 to 13,319, in the last year and 1.3 percent since last month. Total housing inventory nationally fell 5.8 percent to 2.58 million at the end of November compared to the previous month.

Distressed Properties
Short sales and foreclosures accounted for 48 percent of total Broward closed sales in November, down three percent from November 2010 but remained the same compared to the previous month.

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 25,600 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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