Greater Fort Lauderdale Realtors®: Broward County Single-Family Inventory Supply Dropped 2.7% During Past Year While Median Sales Price Increased 27.6%

The median sale price of existing single-family homes in Broward County rose 27.6 percent to $270,000 in October from $211,550 in October 2012.

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Fort Lauderdale, FL (PRWEB) December 06, 2013

The median sale price of existing single-family homes in Broward County rose 27.6 percent to $270,000 in October from $211,550 in October 2012. The continued rise in the median price of existing single-family homes, townhouses and condominiums is supported by a sustained demand for 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 1.6 percent to 1,214 in October from 1,195 a year ago.

The median sales price of existing townhouses and condominiums increased year-over-year by 29.2 percent to $116,250 in October, up from $90,000 in October 2012.

“Sellers continuing to receive close to the asking price of their single-family homes, condominiums and townhouses, as well as the slight increase in available inventory are indications of a healthy and sustained housing market,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®.

The inventory (active listings) of existing SFHs for sale in Broward County increased 2.7 percent to 4,829, compared to 4,700 in October 2012, while the months’ supply of inventory declined 6.6 percent to 3.8 months. The inventory of existing townhouses and condominiums for sale in Broward County in October increased 13.3 percent to 6,684 listings from 5,898 listings in October 2012, while the months’ supply of inventory increased 8.5 percent from last year to 4.7 months.

New SFH for-sale listings increased 15.8 percent to 2,227 SFHs compared to 1,923 listings in October 2012. New townhouse-condo listings increased 20.1 percent to 2,589, compared to 2,156 listings in October 2012.

The average percent of the original list price for existing SFHs received by sellers rose 1.7 percent year-over-year, with sellers receiving 95.8 percent of their asking price in October, compared to 94.2 percent in October 2012. Owners of townhouse-condominiums received 94.7 percent of their asking price in October, up 0.2 percent from a year ago.

New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, decreased 6.9 percent in October to 1,793 SFHs from 1,926 in October 2012. New pending sales for townhouses-condominiums decreased 2.7 percent in October to 1,874, compared to 1,926 in October 2012.

Closed short sales for SFHs were down 29 percent in October to 225, compared to 317 a year ago. The median sales price of a short sale SFH in October was $170,000, compared to $167,583 a year ago, an increase of 1.4 percent. Closed foreclosure sales declined 37 percent to 145 in October, compared to 230 in October 2012. The median sales price of SFH foreclosures increased 27.3 percent to $162,000 in October, compared to $127,250 a year ago.

Closed short sales for townhouses and condos were down 41.5 percent in October to 161, compared to 275 closed short sales a year ago. The median sales price of a short sale of townhomes and condos in October was $100,800, compared to $85,000 a year ago, an increase of 18.6 percent. Closed foreclosure sales declined 24.1 percent to 161 in October, compared to 275 in October 2012, with the median sales price increasing 21.4 percent to $85,000 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.