Fort Lauderdale, FL (PRWEB) November 22, 2012
The median price of an existing single-family home in Broward County in October was $211,000, 15.9 percent higher than the median price of an existing Broward single-family home (SFHs) a year earlier, according to statistics released today by the Greater Fort Lauderdale Realtors® (GFLR), the largest professional Broward-based association of licensed real estate brokers and sales associates.
The median sales price of existing townhouse-condo increased year-over-year by 14.6 percent to $90,000 from $78,500 in October 2011.
“The year-over-year median price of Broward County residential housing has continued to strengthen while the decrease in the number of months supply of inventory and available inventory provides a support base for rising housing prices,” said Stephen B. McWilliam, president of the Greater Fort Lauderdale Realtors®. “Pending sales increased significantly in October over the previous year, indicating a strong interest by buyers in purchasing both single-family homes and condominiums, and the continued recovery of the Broward County housing market.”
The inventory of existing SFHs for sale in Broward County declined 49.1 percent to 4,806, compared to 9,443 in October 2011. The inventory of existing townhouses and condominiums for sale in Broward County decreased 43.2 percent from October 2011 to 6,119 units in October 2012.
New SFH listings for sale listings increased 4.2 percent to 1,969 SFHs and increased 0.1 percent to 2,253 townhouse-condos since October 2011.
The number of months supply of existing housing inventory for sale – an indication of the absorption rate based on home sale volume – was 3.3 months for SFHs, and 3.7 months in October for townhouses-condominiums. Compared to October 2011, the SFH months of inventory has declined 58.2 percent, and townhouse-condominium has dropped 45.6 percent.
The ratio of the original list price to the actual sales price increased slightly with sellers receiving 94.2 percent of their asking price for existing SFHs in October, compared to 90.5 percent a year ago. Owners of townhouse-condominiums received 94.5 percent of their asking price in October, up 2.6 percent from a year ago.
Pending sales, which are houses and townhouse-condominiums under contract but have not yet closed, were up 70.8 percent in October from the pervious year to 1,981 SFHs, and up 45.5 percent to 1,992 townhouse-condominiums.
Closed short sales were up 12.9 percent in October to 596, with the median sales price increasing 21.1 percent to $115,000 from a year ago. Closed foreclosure sales were down 9.1 percent to 512 in October compared to a year ago, while the median price of foreclosures was $90,451, up 4.6 percent over October 2011.
Greater Fort Lauderdale Realtors® is the largest Broward-based professional association of real estate brokers and sales associates conducting business throughout South Florida while focusing on Broward County. GFLR provides multiple listing services (MLS), educational programs, ethical guidance and other services that enable licensed real estate professionals to help people buy and sell homes in Broward County and throughout South Florida.