Broward County Single-Famly Home Prices Continue Leveling Off Trend In August

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The median price of an existing single-family home in Broward County dipped slightly in August compared to July.

The median price of an existing single-family home in Broward County dipped slightly in August compared to July, while the cost to buy a townhouse-condominium continued to hold steady over the previous month, 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 dipped by $50 in August to $214,950 compared to July, according to a housing market report released today by the Greater Fort Lauderdale Realtors (GFLR). Last month’s median sales price was 12.5 percent higher than August 2011 price of $191,000.

The median sales price of existing townhouse-condo regained some slight traction in August, increasing 2.3 percent to $86,000 from July’s $84,000. During the past year, the median price of townhouses-condominiums has increased 7.6 percent from $79,900 in August 2011.

“The slight drop in median housing prices do not indicate a softening of the market,” said Stephen B. McWilliam, president of the Greater Fort Lauderdale Realtors®. “With days on market continuing to decline, sellers continuing to receive a higher percentage of their asking price, inventory of single-family homes and townhouse-condominiums continuing to fall, and interest rates remaining low, these factors are contributing to a strong and stable market for buyers and sellers.”

The inventory of existing SFHs for sale in Broward County declined 51 percent to 4,784, compared to 9,756 in August 2011. Month-over-month inventory of available SFHs for sale dropped by 180 homes from July. The inventory of existing townhouses and condominiums for sale in Broward County decreased 44.1 percent from August 2011 to 6,150 units in August 2012.
New listings dropped 4.3 percent to 1,910 SFHs and 4.1 percent to 2,065 townhouse-condos since August 2011.

The number of months supply of existing housing inventory – an indication of the absorption rate based on home sale volume – declined slightly from July’s 3.4 months to August’s 3.3 months for SFHs, and 3.8 months in July versus 3.7 months in August for townhouses-condominiums. Compared to August 2011, the SFH months of inventory has declined 60.2 percent, and townhouse-condominium has dropped 45.6 percent.

The ratio of asking price to selling price continues to edge upwards with sellers receiving 93.6 percent of their asking price for existing SFHs in August, compared to 92.8 percent in July, and 91 percent a year ago. Owners of townhouse-condominiums received 94.6 percent of their asking price in August, compared to 94.4 percent in July, and up 3.7 percent from a year ago.

Pending sales, which are houses and townhouse-condominiums under contract but have not yet closed, were up 56.2 percent in August over the pervious year to 1,910 SFHs, and up 30.6 percent to 2,065 townhouse-condominiums. Both numbers are slightly higher than July’s 1,889 pending SFH sales, and 1,854 for townhouse-condominiums.

Closed short sales were up 14.1 percent in August to 671 with the median sales price increasing 7 percent to $107,000 from a year ago. Closed foreclosure sales were down 15.7 percent to 573 in August compared to a year ago, while the median price of foreclosures was $89,000, up 11.3 percent over August 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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