Broward Home Prices Continue to Rise

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In Broward County, condominium sales increased 21 percent from 1,153 in August 2010 to 1,398 last month, according to the Broward Council of the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Single-family home sales increased 19 percent, from 993 to 1,185.

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Terri Bersach, Broward President

Broward County home sales and prices continue to rise, reflecting a healthy and stable real estate market.

In Broward County, condominium sales increased 21 percent from 1,153 in August 2010 to 1,398 last month, according to the Broward Council of the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Single-family home sales increased 19 percent, from 993 to 1,185.

Statewide sales increased 15 percent to 16,206 for single-family homes and 18 percent to 7,098 for condominiums compared to August 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 7.7 percent from the previous month and were 18.6 percent above August 2010, according to the National Association of Realtors (NAR).

“Broward County home sales and prices continue to rise, reflecting a healthy and stable real estate market,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Despite the high number of distressed sales, countywide prices are on the upswing, as buyers and investors are taking advantage of current affordability and other market opportunities.”

Cash Transactions
In August, 63 percent of closed sales in Broward County were cash transactions, a two percent rise from the previous month. Cash sales accounted for 41 percent of single-family and 80 percent of condominium closings. Nationally, all-cash sales accounted for 29 percent of transactions.

Median and Average Sales Price
Compared to August 2010, the median sales price in the Fort Lauderdale Metropolitan Statistical Area (MSA) for single-family homes increased five percent to $191,800. The median sales price for condominiums rose six percent to $79,500.

The average sales price for single-family homes remained about the same at $254,489 in August 2010 compared to $254,456 last month. The average sales prices for condominiums decreased a negligible 1.8 percent, from $116,331 to $114,248.

Statewide median sales prices increased two percent to $137,500 for single-family homes and 12 percent to $91,100 for condominiums. The national median existing-home price for all housing types was $168,300 in August, down 5.1 percent from August 2010.

“South Florida leads the state and nation in international home buying activity that has resulted in the local area outperforming the rest of the country,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Most foreign buyers pay for properties in all in cash and are not impacted by the tighter lending standards. Loosening lending requirements for U.S. buyers in particular would further help improve the performance of the local market.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 40 percent, from 21,143 to 13,476 since August 2010 and two percent since last month.
Total housing inventory nationally fell 3.0 percent to 3.58 million at the end of August.

Distressed Properties
Short sales and foreclosures represented 48 percent, down eight percent from August 2010, of total closed August 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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