Broward County Home Prices Rise Again in 1Q

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In Broward County sales of homes – including existing single-family homes and condominiums – increased seven percent, from 7,403 to 6,886, in the first quarter of 2012 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.

2012 Broward President of the MIAMI Association of Realtors

Broward County continues to see strong sales activity, which has resulted in consistent price appreciation over the last few months, including the first quarter of this year.

In Broward County sales of homes – including existing single-family homes and condominiums – decreased seven percent, from 7,403 to 6,886, in the first quarter of 2012 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 4.4 percent in the first quarter compared to a year earlier. The sales of existing condominiums dropped a 14 percent compared to the first quarter of 2011.

“Broward County continues to see strong sales activity, which has resulted in consistent price appreciation over the last few months, including the first quarter of this year,” said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Broward County continues to attract both domestic and international buyers and investors, which will yield market strengthening long into the future.”

Median and Average Sales Prices
The median sales price for single-family homes in Broward in the first quarter of 2012 was $180,000, a 16 percent increase compared to the first quarter of 2011. The median sales price for condominiums was $75,000, a nine percent increase compared to a year earlier.

The average sales price of single-family homes was $253,620, a two percent increase compared to the first quarter of 2011. The average sales price of condominiums in the first quarter was $121,435, a 13 percent increase compared to a year earlier.

Inventory Levels
Total housing inventory in Broward County decreased 29 percent year-over-year and 13 percent compared to the previous quarter.

“The performance of the Broward real estate market is very encouraging and unlike what we’re seeing in most markets throughout the U.S.,” said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Still, unnecessarily tight credit conditions are preventing some qualified buyers from purchasing homes in the area, a reality that is impeding even greater growth.”

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 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.

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