The Broward County real estate market had a very strong year in 2011, as heightened demand caused housing inventory to decline sharply.
Miami, Florida (PRWEB) February 09, 2012
In Broward County sales of homes – including existing single-family homes and condominiums – increased six percent, from 6,225 to 6,572, in the fourth quarter of 2011 compared to a year earlier, according to the Broward Council of the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
Broward sales of existing single-family homes increased 15 percent in the fourth quarter of 2011 compared to a year earlier. The sales of existing condominiums dropped a negligible one percent compared to the fourth quarter of 2010. Statewide sales of single-family homes increased seven percent while sales of condominiums increased four percent.
“The Broward County real estate market had a very strong year in 2011, as heightened demand caused housing inventory to decline sharply,” said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Now, as expected, limited housing supply is resulting in notable price appreciation, which is currently rare in most markets throughout the U.S.”
Median Sales Prices
The median sales price for single-family homes in Broward in the fourth quarter of 2011 was $188,900, a five percent increase compared to the fourth quarter of 2010. The median sales price for condominiums was $77,300, an 11 percent increase compared to a year earlier. Statewide, median sales prices dropped one percent to $132,000 for single-family homes and rose five percent to $88,800 for condominiums.
Total housing inventory in Broward County has decreased 33 percent from a year ago and 1.2 percent from the previous quarter.
“The Broward real estate market attracts both U.S. and international buyers due to the great year-round weather, affordability, ocean proximity, and exciting lifestyle South Florida has to offer,” said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Continued demand for Broward properties is resulting in limited housing supply and further price appreciation.”
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. 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.
About the MIAMI Association of REALTORS
The MIAMI Association of REALTOR S was chartered by the National Association of Realtors in 1920 and is celebrating more than 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 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.