The Broward County housing market is experiencing consistent strengthening and price appreciation as a result of robust demand and diminishing supply.
Miami, Florida (PRWEB) February 23, 2012
In Broward County, single-family home sales increased 15 percent, from 813 to 911, last month compared to January 2011, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Condominium sales dropped 16 percent in January compared to a year earlier, from 1,318 to 1,079.
Statewide sales of existing single-family homes totaled 12,044 in January 2012, down 5.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 4.3 percent from December and were 0.7 percent higher than they were in January 2011, according to the National Association of Realtors (NAR).
“The Broward County housing market is experiencing consistent strengthening and price appreciation as a result of robust demand and diminishing supply,” said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Despite a significant percentage of distressed sales, prices continue to rise. Loosening unnecessarily strict lending standards would further enhance the performance of the Broward real estate market.”
Median and Average Sales Prices Rise Again
In January, the median sales price of single-family homes in Broward County was $177,000, up seven percent compared to January 2011. The median sales price for condominiums also increased seven percent to $73,500 compared to a year prior. Broward County condominium prices have increased 12 out of the last 13 months.
The average sales price for total single-family homes increased 0.4 percent, from $246,579 to $247,635. The average sales prices for condominiums rose 11.2 percent, from $105,895 in January 2011 to $117,795 last month.
Statewide median sales prices in January increased 18.8 percent to $95,000 for condominiums and 5.3 percent to $129,000 for single-family homes. The national median existing-home price for all housing types was $154,700 in January, a two percent drop from January 2011.
Inventory Levels Decrease
The inventory of residential listings in Broward County decreased 35 percent from 18,710 to 12,483 over the last year, reflecting a healthy and balanced real estate market. Compared to last month, the total inventory of homes decreased four percent. Total housing inventory nationally fell 20.6 percent at the end of January.
“The high percentage of cash sales in Broward County reflects the significant presence of international buyers who are boosting demand and ultimately price appreciation,” said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “In addition to demand from foreign buyers, Broward County is attracting migration from other U.S. states, second and vacation homebuyers, and retiring baby boomers. This activity will contribute to population growth and further increase demand for housing.”
In January, 49 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales, compared to 60 percent in January 2011 and 46 percent the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.
International Buyers Fuel Cash Sales
In January, cash sales accounted for 66 percent of all residential sales, 44 percent of single-family and 84 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales were unchanged at 31 percent in January, reflecting the stronger presence of international buyers in the South Florida 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 rebenchmarking 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.
CONTACT: Lynda Fernandez, 305-468-7040 Office or 305.903.7922 Cell