Broward Housing Inventory Drops below 6 Months of Supply

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In Broward County, condominium sales increased 14 percent from 1,348 in May 2010 to 1,537 in May of this year, according to the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

Terri Bersach, Broward President

Strong demand for Broward properties has resulted in a balanced market where housing inventory is currently 5.5 months of supply

In Broward County, condominium sales increased 14 percent from 1,348 in May 2010 to 1,537 in May 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 six percent in May, from 1,078 to 1,142. Cash transactions accounted for 60 percent of all closed residential sales in May. International sales, most of which are cash transactions, represent approximately 60 percent of closed sales in South Florida.

Statewide sales increased 17 percent to 8,338 for condominiums and three percent for single-family homes to 17,228. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 3.8 percent from April and were 15.3 percent below May 2010, according to the National Association of Realtors (NAR).

“Strong demand for Broward properties has resulted in a balanced market where housing inventory is currently 5.5 months of supply,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “This sharp reduction in housing inventory along with price stabilization reflects the health of the local market.”

Median and Average Sales Price
The median sales price of condominiums in the Fort Lauderdale Metropolitan Statistical Area (MSA) increased six percent to $80,400 compared to May 2010 and 12 percent compared to the previous month. The median sales price for single-family homes was $188,500, down 17 percent from a year prior and up seven percent from the previous month.

The average sales price for single-family homes decreased 2.3 percent, from $266,063 in May 2010 to $259,939 last month. The average sales prices for condominiums increased 3.7 percent, from $120,397 to $124,888.

Statewide median sales prices increased two percent to $98,200 for condominiums and dropped five percent to $135,500 for single-family homes. The national median existing-home price for all housing types was $166,500 in May, a 4.6 percent drop from May 2010.

“We currently have the lowest level of inventory seen in more than three years,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “For those who have been waiting to sell, this may be a great time to consider putting properties on the market. Evident demand should fuel future market strengthening.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 27 percent from 20,143 to 14,742 since May 2010 and seven percent from last month. Total housing inventory nationally fell one percent at the end of May.

Distressed Properties
Short sales and foreclosures represented 51 percent of total closed April 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 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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