Home Prices Continue to Climb in Broward County, FL

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The cost to buy a home in Broward County continued to ascend in June while available inventory and average days on market decreased from a year ago, according to the Greater Fort Lauderdale Realtors®, the largest professional Broward based association of licensed real estate brokers and sales associates.

Several factors are combining to put continued upward pressure on single-family home and townhouse-condominium prices – the growing scarcity of housing inventory, the declining number of days on the market coupled with strong demand.

The cost to buy a home in Broward County continued to ascend in June while available inventory and average days on market decreased from a year ago, according to the Greater Fort Lauderdale Realtors®, the largest professional Broward based association of licensed real estate brokers and sales associates.

The median sales price of single-family homes sold in Broward County in June increased 8.0 percent over June 2011 to $215,000, while townhouse-condo prices increased 14.5 percent to $85,900 during the same period, according to a housing market report released today by the Greater Fort Lauderdale Realtors (GFLR). Since January, the median price of a single-family home in Broward County increased 16.2 percent from $185,000, and the median price of a townhouse-condominium increased 20.9 percent from $71,000.

“Several factors are combining to put continued upward pressure on single-family home and townhouse-condominium prices – the growing scarcity of housing inventory, the declining number of days on the market coupled with strong demand,” said Stephen B. McWilliam, president of the Greater Fort Lauderdale Realtors®.

GFLRHousing inventory dropped 50.0 percent since June 2011 to 5,025 single-family homes on the market, and has decreased 59.7 percent since January. The average days on market until sold declined 23.5 percent to 39 days for single-family homes, and dropped 23.5 percent to an average of 39 days on market for townhouses-condos.

The number of months supply of inventory, a factor of the single-family home sale absorption rate, has dropped 59.3 percent to 3.5 months since June 2011 for single-family homes, and has declined 49.3 percent to 3.7 months for townhouses-condos.

New listings dropped 0.9 percent to 1,994 single-family homes and 5.8 percent to 2,059 townhouse-condos since June 2011.

Single-family home sellers are also seeing a slight improvement in their original asking price, receiving about 93.3 percent in June 2012, compared to 90.4 percent a year ago. Townhouse-condo sellers received 93.8 percent of their asking price in June, an improvement of 3.2 percent over the previous year.

Pending sales, which are houses and townhouse-condominiums under contract but have not yet closed, were up 45 percent in June to 1,972 for single-family homes, and up 26 percent to 1,953 townhouse-condominiums.
“The Broward County market continues showing strong signs of recovery and price strengthening for sellers,” McWilliam said.

Closed sales on foreclosed single-family and townhouse-condo properties declined 29.7 percent since June 2011 to 588 units, while the median sales price increased 11.3 percent to $89,000. Short sales increased 16.4 percent since June 2011 to 619 units with a median sales price of $110,000, an increase of 4.8 percent over the previous year.

“The deceasing number of sales on foreclosed properties, and the increase in short sale properties indicates that the opportunities for bargains are diminishing,” McWilliam said. “While overall sales prices are not nearly at the pre-2008 levels, strong indications of a steady sales price recovery continue unabated for all types of housing.”

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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.

Contact: Richard Barkett
Chief Executive Officer
(954) 563-7261 x.5055

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