Greater Fort Lauderdale Realtors®: Broward County Single-Family Median Sales Price Increased 28.6% During Past Year While For-Sale Listings Increased 17.2%

The median sale price of existing single-family homes in Broward County rose 28.6 percent to $270,000 in November from $210,000 in November 2012.

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FORT LAUDERDALE, FL (PRWEB) December 26, 2013

The median sale price of existing single-family homes in Broward County rose 28.6 percent to $270,000 in November from $210,000 in November 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) decreased 11.1 percent to 1,076 in November from 1,210 a year ago.

The median sales price of existing townhouses and condominiums increased year-over-year by 27.2 percent to $117,000 in November, up from $92,000 in November 2012.

“The nearly 30 percent increase in median sale price for homes during the past year, coupled with a moderate supply of inventory and a gradual leveling of the number of homes coming on the market indicates that Broward County has a stable housing market,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “Sellers continue to be positioned to receive close to their asking prices.”

The inventory (active listings) of existing SFHs for sale in Broward County increased 8.2 percent to 5,090, compared to 4,706 in November 2012, while the months’ supply of inventory declined 0.9 percent to 4.1 months. The inventory of existing townhouses and condominiums for sale in Broward County in November increased 14 percent to 7,153 listings from 6,275 listings in November 2012, while the months’ supply of inventory increased 10.8 percent from last year to 5.1 months.

New SFH for-sale listings increased 17.2 percent to 1,918 SFHs compared to 1,637 listings in November 2012. New townhouse-condo listings increased 8.5 percent to 2,301, compared to 2,120 listings in November 2012.

The average percent of the original list price for existing SFHs received by sellers rose 1.9 percent year-over-year, with sellers receiving 95.3 percent of their asking price in November, compared to 93.5 percent in November 2012. Owners of townhouse-condominiums received 94.3 percent of their asking price in November, up 0.1 percent from a year ago.

New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, decreased 8.4 percent in November to 1,496 SFHs from 1,634 in November 2012. New pending sales for townhouses-condominiums decreased 14.8 percent in November to 1,534, compared to 1,800 in November 2012.

Closed short sales for SFHs were down 45.2 percent in November to 159, compared to 290 a year ago. The median sales price of a short sale SFH in November was $185,000, compared to $173,000 a year ago, an increase of 6.9 percent. Closed foreclosure sales declined 31.6 percent to 132 in November, compared to 193 in November 2012. The median sales price of SFH foreclosures increased 40.8 percent to $169,000 in November, compared to $120,001 a year ago.

Closed short sales for townhouses and condos were down 52.9 percent in November to 124, compared to 263 closed short sales a year ago. The median sales price of a short sale of townhomes and condos in November was $95,000, compared to $88,950 a year ago, an increase of 6.8 percent. Closed foreclosure sales declined 12.8 percent to 191 in November, compared to 219 in November 2012, with the median sales price increasing 25.4 percent to $90,000 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.