Broward County Single-Family Home Sales Level Off In July

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The cost to buy a home in Broward County was unchanged in July compared to June, while factors that affect the cost of housing – available inventory, average days on market and new listings – continued to trend downward from a year ago.

As long as demand for homes remains strong, housing prices will continue to increase.

The cost to buy a home in Broward County was unchanged in July compared to June, while factors that affect the cost of housing – available inventory, average days on market and new listings – continued to trend downward 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 (SFHs) sold in Broward County remained level in July and June at $215,000, while townhouse-condo prices decreased 2.2 percent to $84,000 from June’s $85,900, according to a housing market report released today by the Greater Fort Lauderdale Realtors (GFLR). During the past year, the median price of SFHs has increased 13.2 percent from $190,000 in July 2011, and the median price of townhouses-condominiums has increased 5 percent to $84,000.

“While it appears that median housing prices are declining slightly from June to July, prices are higher than a year ago, and the available housing inventory is still declining,” said Stephen B. McWilliam, president of the Greater Fort Lauderdale Realtors®. “As long as demand for homes remains strong, housing prices will continue to increase.”

The inventory of SFHs for sale declined 49.8 percent to 4,964 in July, compared to 9,884 in July 2011. Month-over-month inventory of available SFHs for sale dropped by 61 homes from June. The inventory of townhouses and condominiums for sale in Broward County decreased 44.4 percent from July 2011 to 6,307 units in July 2012, but increased by 66 units over June.

New listings dropped 2.1 percent to 1,900 SFHs and 2 percent to 2,072 townhouse-condos since July 2011.

The number of months supply of housing inventory – an indication of the absorption rate based on home sale volume – was nearly unchanged from June’s 3.5 months to July’s 3.4 months for SFHs, and 3.7 months in June versus 3.8 months in July for townhouses-condominiums. Compared to July 2011, the SFH months of inventory has declined 59.5 percent, and townhouse-condominium has dropped 45.7 percent.

Single-family home sellers may be slightly disappointed that their asking price is not being met. Although it’s better than a year ago when homes were fetching only 90.1 percent of their asking price last July compared to 92.8 percent in July 2012, it’s down slightly from June’s 93.3 percent. Townhouse-condominium asking prices are faring a little better, with owners getting 94.4 percent in July, compared to 93.8 percent in June, and up 3.3 percent from a year ago.

Pending sales, which are houses and townhouse-condominiums under contract but have not yet closed, were up 55.1 percent in July over the pervious year to 1,889 SFHs, and up 27.6 percent to 1,854 townhouse-condominiums. Both numbers are slightly lower than June’s 1,972 pending SFH sales, and 1,953 for townhouse-condominiums.

Closed short sales were up 16.6 percent in July to 604 with the median sales price increasing 13 percent to $110,925 from a year ago. Closed foreclosure sales were down 11.6 percent to 592 in July compared to a year ago, while the median price of foreclosures was $92,750, up 13 percent over July 2011.

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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.

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David Oakes
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