Greater Fort Lauderdale Realtors®: Broward County Single-Family Median Prices Increased 31.7% During Past Year While Median Days on Market Decreased 35.7%

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The median sale price of existing single-family homes in Broward County rose 31.7 percent to $270,000 in September from $205,000 in September 2012.

The median sale price of existing single-family homes in Broward County rose 31.7 percent to $270,000 in September from $205,000 in September 2012. The continued rise in the median price of existing single-family homes, townhouses and condominiums is sustained by demand for more housing, according to statistics released today by the Greater Fort Lauderdale Realtors® (GFLR), 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 13.4 percent to 1,211 in September from 1,068 a year ago.

The median sales price of existing townhouses and condominiums increased year-over-year by 18 percent to $104,999 in September, up from $89,000 in September 2012.

“The level inventory of single-family home, condominium and townhome inventory and the comparatively fewer days on market and the months supply of inventory are helping to sustain rising prices for sellers and is making it more challenging for buyers to find homes,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “People buying homes should ensure that they are pre-qualified or have the financial means to buy to help ensure that they can move quickly on their offer to purchase.”

The inventory (active listings) of existing SFHs for sale in Broward County increased 0.9 percent to 4,737, compared to 4,693 in September 2012, while the months’ supply of inventory decreased 9.5 percent to 3.8 months. The inventory of existing townhouses and condominiums for sale in Broward County in September increased 9 percent to 6,430, compared to 5,901 in September 2012, while the months’ supply of inventory increased 3.0 percent to 4.6 months.

New SFH for-sale listings increased 16.3 percent to 2,031 SFHs compared to 1,746 listings in September 2012. New townhouse-condo listings increased 24.6 percent to 2,221, compared to 1,782 listings in September 2012.

The average percent of the original list price for existing SFHs received by sellers rose 2.9 percent year-over-year, with sellers receiving 95.9 percent of their asking price in September, compared to 93.2 percent in September 2012. Owners of townhouse-condominiums received 95.3 percent of their asking price in September, 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, increased 0.3 percent in September to 1,558 SFHs from 1,553 in September 2012. New pending sales for townhouses-condominiums increased 0.1 percent in September to 1,613, compared to 1,612 in September 2012.

Closed short sales for SFHs were down 25 percent in September to 195, compared to 260 a year ago. The median sales price of a short sale SFH in September was $199,900, compared to $150,000 a year ago, an increase of 33.3 percent. Closed foreclosure sales declined 37.4 percent to 139 in September, compared to 222 in September 2012. The median sales price of SFH foreclosures increased 30.9 percent to $179,000 in September, compared to $136,777 a year ago.

Closed short sales for townhouses and condos were down 35.8 percent in September to 172, compared to 268 closed short sales a year ago. The median sales price of a short sale of townhomes and condos in September was $96,250, compared to $85,000 a year ago, an increase of 13.2 percent. Closed foreclosure sales declined 16.1 percent to 208 in September, compared to 248 in September 2012, with the median sales price increasing 23.9 percent to $83,000 from a year ago.

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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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