Broward County Home Prices Rise

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In Broward County, condominium sales increased seven percent from 1,416 in June 2010 to 1,511 in June 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 June, from 1,205 to 1,274.

Terri Bersach, Broward President

Healthy sales levels in Broward County have resulted in reduced housing supply, which is indicative of a well-performing market.

In Broward County, condominium sales increased seven percent from 1,416 in June 2010 to 1,511 in June 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 June, from 1,205 to 1,274.

In June, 61 percent of closed sales in Broward County were cash transactions. Cash sales accounted for 38 percent of single-family and 80 percent of condominium closings.

Statewide sales increased eight percent to 7,941 for condominiums and dropped four percent to 17,597for single-family homes.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 0.8 percent from May and remain 8.8 percent below June 2010, according to the National Association of Realtors (NAR).

“Healthy sales levels in Broward County have resulted in reduced housing supply, which is indicative of a well-performing market,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Prices have now caught up with rising sales, which is a very positive sign for the local real estate market.”

Median and Average Sales Price
The median sales price of condominiums in the Fort Lauderdale Metropolitan Statistical Area (MSA) increased 11 percent to $76,900 compared to June 2010. The median sales price for single-family homes was $196,000, up 26 percent from a year prior.

The average sales price for single-family homes increased 7.2 percent, from $260,486 in June 2010 to $279,268 last month. The average sales prices for condominiums increased 1.3 percent, from $119,877 to $121,495.

Statewide median sales prices increased two percent to $93,000 for condominiums and dropped two percent to $138,000 for single-family homes.

The national median existing-home price for all housing types was $184,300 in June, up 0.8 percent from June 2010.

“Compared to a year ago the percentage of distressed sales has dropped despite rising overall sales,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “If we continue to experience continued sales growth and the current rate of inventory absorption, we can expect price increases in the future. Current activity reflects demand for all types of properties in Broward County.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 31 percent, from 20,621 to 14,308, since June 2010 and three percent since last month.

Total housing inventory nationally rose 3.3 percent at the end of June.

Distressed Properties
Short sales and foreclosures represented 47 percent, down five percent from June 2010, of total closed June 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.

Note: The MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service are the sources for statistics reported by the National Association of Realtors and Florida Realtors. MIAMI reports average sales price as well as median sales price.

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