Greater Fort Lauderdale Realtors®: Broward County Single-Family Home Days On Market Decreased 30.8% During Past Year While Median Sales Price Increased 28.3%

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The 30.8 percent decline in year-over-year median days on market, fewer months supply of inventory and sellers paying a higher percentage of home owners’ asking prices helped to support the rise in housing prices during the third quarter of 2013, according to statistics released today by the Greater Fort Lauderdale Realtors® (GFLR). GFLR is the largest professional Broward County-based association of licensed real estate brokers and sales associates.

The median sales price of existing single-family homes in Broward County rose 28.3 percent to $272,000 during the third quarter of 2013 from $212,000 during the third quarter of 2012. The 30.8 percent decline in year-over-year median days on market, fewer months supply of inventory and sellers paying a higher percentage of home owners’ asking prices helped to support the rise in housing prices during the third quarter of 2013, according to statistics released today by the Greater Fort Lauderdale Realtors® (GFLR). GFLR is the largest professional Broward County-based association of licensed real estate brokers and sales associates. The number of closed sales of existing single-family homes (SFH) increased 9.2 percent to 4,082 during the third quarter of 2013, compared to 3,739 closed sales during the same period last year.

The median sales price of existing townhouses and condominiums increased year-over-year by 29.1 percent to $110,000 during the third quarter of 2013, up from $85,225 during the same three-month period a year ago.

“Housing prices continue to be supported by buyer demand,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “It is noteworthy that the shrinking supply and rising prices continue to indicate a changing market.”

The inventory (active listings) of existing SFHs for sale in Broward County declined 0.9 percent to 4,737, compared to 4,693 in the third quarter of 2012, while the quarter’s inventory supply declined 9.5 percent to 3.8 months. The inventory of existing townhouses and condominiums for sale in Broward County in the third quarter increased 9 percent to 6,430 listings from 5,901 listings in for the third quarter of 2012, while the third quarter’s supply of inventory increased 3 percent from last year to 4.6 months.

New SFH for-sale listings increased 17.8 percent during the third quarter of 2013 to 6,393 SFHs, compared to 5,427 listings in last year. New townhouse-condo listings increased 22 percent to 6,974 during the third quarter, compared to 5,717 listings in the third quarter of last year.

The average percent of the original list price received by sellers rose 3 percent year-over-year, with sellers receiving 96 percent of their asking price for existing SFHs from July through September, compared to 93.2 percent during the third quarter of 2012. Owners of townhouse-condominiums received 95.3 percent of their asking price during the third quarter, up 1 percent from a year ago.

New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, declined 0.2 percent during the third quarter of 2013 to 5,244 SFHs, compared to 5,252 listings in last year. New townhouse-condo pending sale listings increased 4.3 percent to 5,467 during the third quarter, compared to 5,243 listings in the third quarter of 2012.

Closed short sales for SFHs were down 24.2 percent during the third quarter to 710, compared to 937 a year ago. The median sales price of a short sale SFH from April to June was $183,000, compared to $160,000 a year ago, an increase of 14.4 percent. Closed foreclosure sales dropped 37.2 percent to 450 during the third quarter, compared to 716 during the third quarter in 2012. The median sales price of SFH foreclosures increased 14.8 percent to $155,000 in the third quarter, compared to $135,000 a year ago.

Closed short sales for townhouses and condos were down 36.4 percent from the third quarter of last year to 548, compared to 862. The median sales price of a short sale of townhomes and condos in the third quarter was $92,850, compared to $80,500 a year ago, an increase of 15.3 percent. Closed foreclosure sales dropped 23.4 percent to 701 in the third quarter compared to 915 during the same period last year, with the median sales price increasing 12.3 percent to $82,000 from the third quarter of last year.

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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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Richard Barkett
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