Broward Home Sales and Prices Trend Upwards

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In Broward County, condominium sales increased 8 percent from 1,525 in April 2010 to 1,645 in April of this year, according to the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Single-family home sales increased by 2 percent in April, from 1,104 to 1,124.

Terri Bersach, Broward President

For sellers, properties that are priced right according to the area, amenities and other factors, are selling at the best possible price. We are seeing multiple offers and properties selling above asking price.

In Broward County, condominium sales increased 8 percent from 1,525 in April 2010 to 1,645 in April of this year, according to the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Single-family home sales increased by 2 percent in April, from 1,104 to 1,124. Cash transactions represented 67 percent of all closed residential sales in April. International sales, most of which are cash transactions, represent approximately 60 percent of closed sales in South Florida.

Statewide sales increased 17 percent to 32,364for condominiums and 2 percent for single-family homes to 17,192. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased .8 percent from March and were 12.9 percent below April 2010, according to the National Association of Realtors (NAR).

“Buyers in the current market are savvy and understand pricing strategies and implications,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “For sellers, properties that are priced right according to the area, amenities and other factors, are selling at the best possible price. We are seeing multiple offers and properties selling above asking price.”

Median and Average Sales Price
The median sales price of condominiums in the Fort Lauderdale Metropolitan Statistical Area (MSA) increased 4 percent to $71,800 compared to April 2010 and 2.4 percent compared to the previous month. The median sales price for single-family homes was $177,000, down 2 percent from a year prior and up 1 percent from the previous month.

The average sales price for single-family homes increased 6.8 percent, from $240,692 in April 2010 to $256,979 last month. The average sales prices for condominiums increased 2.7 percent, from $121,760 to $125,100.

Statewide median sales prices decreased 8 percent to $91,900 for condominiums and 6 percent to $131,700 for single-family homes. The national median existing-home price for all housing types was $163,700 in April, a 5 percent drop from April 2010.

“Increasing sales are indicative of the strong demand that exists for South Florida housing,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Last year at this time sales were still being boosted by the homebuyer tax credit. These year-over-year-increases are without incentive, reflecting the health of the marketplace.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 20 percent from 19,799 to 15,781since May 2010 and 5.1 percent from last month. Total housing inventory nationally rose 9.9 percent at the end of April.

Days on the Market
In Broward County, the total number of days a property stays on the market increased 3.6 percent to 92 days for single-family homes and 6.1 percent to 108 days for condominiums compared to a year earlier.

Distressed Properties
Short sales and foreclosures represented 50 percent of total closed April sales in Broward County. While distressed sales have a significant downward impact on prices, Broward median prices still increased in April, month-over-month for both single-family homes and condominiums and year-over-year for condominiums.

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 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.

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