Home prices in Broward County are experiencing double-digit appreciation much sooner than expected, which is a very positive sign.
Miami, FL (PRWEB) May 22, 2012
In April, the median sales price of single-family homes in Broward County was $205,000, up 17 percent compared to April 2011 and 14 percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The median sales price for condominiums increased 17.4 percent to $84,300 compared to a year prior and 14.3 percent compared to the previous month. Broward County condominium prices have increased 15 out of the last 16 months.
The median sales prices for non-distressed properties sold in April in Broward were $264,000 for single-family homes and $99,750 for condominiums.
The average sales price for total single-family homes increased 12 percent, from $256,979 to $287,302. The average sales prices for condominiums rose 10 percent, from $120,689 in April 2011 to $137,173 last month. The average sales prices for non-distressed properties sold in April in Broward were $374,670 for single-family homes and $166,854 for condominiums.
“Home prices in Broward County are experiencing double-digit appreciation much sooner than expected, which is a very positive sign,” said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Homes sales also remain at historically strong levels, which reflects the demand that is driving home prices in our area.”
Statewide median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011.
Broward Housing Inventory Declines 30 Percent
The inventory of residential listings in Broward County over the last year has decreased 30 percent from 15,781 to 11,086. Compared to the previous month, the total inventory of homes dropped four percent. Total housing inventory nationally rose 9.5 percent at the end of April but was 20.6 percent below a year ago.
“The remarkable recovery of the Broward housing market benefits our community at large, as real estate is an integral part of the economy,” said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Unlike other markets throughout the U.S., demand for housing in Broward County should remain strong long into the future due to both U.S. and international buyers who are increasingly attracted to the local area.”
In Broward County, single-family home sales increased 6.0 percent, from 1,124 in April 2011 to 1,190 last month. Condominium sales dropped 4.4 percent in April compared to a year earlier, from 1,645 to 1,572.
Statewide sales of existing single-family homes totaled 17,544 in April 2012, down 0.7 percent compared to a year ago. Statewide condominium sales totaled 9,765, down 4.9 percent from those sold in April 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 3.4 percent from March and were 10 percent higher than they were in April 2011, according to the National Association of Realtors (NAR).
In April, 38 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales, compared to 50 percent in April 2011 and 41 percent the previous month.
International Buyers Fuel Cash Sales
In April, cash sales accounted for 64 percent of all residential sales, 40 percent of single-family and 83 percent of condominium closings, in Broward County. Nearly 90 percent of international buyers in South Florida purchase properties all cash. Nationally, all-cash sales fell to 29 percent in April - from 32 percent in March and 21 percent in April 2011 - 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 25,000 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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