Broward Housing Inventory Declines 35 Percent in One Year Home Sales, Prices Rise

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In Broward County, single-family home sales increased nine percent, from 996 to 1,082, last month compared to December 2010, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Condominium sales dropped eight percent in December compared to a year earlier.

Rick Burch, 2012 Broward President of the MIAMI Association of Realtors

Dwindling housing supply in Broward County is indicative of strong demand and points to future market strengthening.

In Broward County, single-family home sales increased nine percent, from 996 to 1,082, last month compared to December 2010, according to the Broward Council of the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Condominium sales dropped eight percent in December compared to a year earlier.

Statewide sales dropped two percent to 6,836 for condominiums and two percent for single-family homes to 15,290. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose five percent from November and were 3.6 percent higher than they were in December 2010, according to the National Association of Realtors (NAR).

“Dwindling housing supply in Broward County is indicative of strong demand and points to future market strengthening,” said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “The presence of international buyers combined with an improving economy and job market will result in further growth and strengthening in Broward County.”

Year End 2011
Total single-family home sales dropped nine percent from 11,548 in 2010 to 12,817 in 2011. Total closed sales of condominiums rose 11 percent, from 15,049 in 20010 to 16,714 in 2011.

The year-end median sales price rose four percent from $179,200 for single-family homes and six percent from $70,800 for condominiums when comparing 2011 to 2010. Statewide the year-end median sales price dropped three percent for single-family homes and two percent for condominiums.

Median and Average Sales Price
In December, the median sales price of single-family homes in the Fort Lauderdale Metropolitan Statistical Area (MSA) was $189,600, up seven percent compared to December 2010. The median sales price for condominiums dropped three percent to $78,200 compared to a year prior.

The average sales price for total single-family homes increased 12.1 percent, from $247,889 to $277,939. The average sales prices for condominiums rose nine percent, from $118,966 to $129,662.

Statewide median sales prices in December increased four percent to $91,900 for condominiums and one percent to $134,300 for single-family homes. The national median existing-home price for all housing types was $164,500 in December, a 2.5 percent drop from December 2010.

Inventory Levels Decrease
The inventory of residential listings in Broward County decreased 35 percent from 19,899 to 12,997 over the last year, reflecting a healthy real estate market. Compared to last month, the total inventory of homes decreased 2.4 percent.

“The residential housing market in Broward has reflected health and balance over the last year,” said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Broward County home sales and prices continue to rise and are expected to further strengthen in 2012.”

Total housing inventory nationally fell 9.2 percent at the end of December.

Distressed Properties
In December, 46 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales, compared to 55 percent in December 2010 and 48 percent the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

International Buyers Fuel Cash Sales
Cash sales accounted for 38 percent of single-family and 81 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales accounted for 29 percent of transactions, reflecting the stronger presence of international buyers in the Miami real estate market.

Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmaking efforts. MIAMI reports exact statistics directly from its MLS system.

About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year 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 26,000 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 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.

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