Fort Lauderdale, FL (PRWEB) January 24, 2013
The median price of an existing single-family home in Broward County in December 2012 was $230,000, 21.1 percent higher than the median price of an existing Broward single-family home (SFHs) a year earlier, according to statistics released today by the Greater Fort Lauderdale Realtors® (GFLR), the largest professional Broward-based association of licensed real estate brokers and sales associates. The number of closed single-family home sales increased 14.9 percent to 1,238 sales in December 2012, compared to 1,077 SFHs sold in December 2011.
The median sales price of existing townhouse-condo increased year-over-year by 24.7 percent to $95,100 from $76,250 in December 2011.
“Broward County experienced an outstanding recovery in single-family home and townhome/condominium sales,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “With pending sales continuing to remain stronger in December, as well as throughout 2012, and with home sellers continuing to receive nearly their asking prices – both indicating continued support for rising existing single-family, condominium and town home values – we are entering 2013 with indications of a continued strong growth in home prices.”
The inventory (active listings) of existing SFHs for sale in Broward County declined 35.5 percent to 4,348, compared to 6,745 in December 2011. The inventory of existing townhouses and condominiums for sale in Broward County decreased 25.2 percent from December 2011 to 6,031 units in November 2012.
New SFH for-sale listings declined 9.8 percent to 1,396 SFHs from December 2011. New townhouse-condo listings declined 5.4 percent to 1,777 from December 2011.
The number of months supply of existing housing inventory for sale – an indication of the absorption rate based on home sale volume – was 3.7 months for SFHs, and 4.4 months in November for townhouses-condominiums. Compared to December 2011, the SFH months of inventory has declined 41.4 percent, and townhouse-condominium has dropped 23.1 percent.
The ratio of the original list price to the actual sales price increased slightly with sellers receiving 93.7 percent of their asking price for existing SFHs in December, compared to 91.0 percent a year ago. Owners of townhouse-condominiums received 94.1 percent of their asking price in December, up 2.1 percent from a year ago.
Pending sales, which are houses and townhouse-condominiums under contract but have not yet closed, were up 58.3 percent in December from the pervious year to 1,547 SFHs, and up 43.6 percent to 1,777 townhouse-condominiums.
Closed short sales for SFHs were up 4.2 percent in December to 295, with the median sales price increasing 6.9 percent to $187,000 from a year ago. Closed foreclosure sales were down 14.1 percent to 201 in December compared to a year ago, while the median price of foreclosures was $140,500, up 16.1 percent over December 2011.
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.