Median Home Prices Increased 10 Percent During The Past Year In Broward County, FL

The median price of an existing single-family home in Broward County rose 10.1 percent to $208,000 in 2012 from $185,900 in 2011, according to statistics released today by the Greater Fort Lauderdale Realtors®.

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FORT LAUDERDALE, FL (PRWEB) February 16, 2013

The median price of an existing single-family home in Broward County rose 10.1 percent to $208,000 in 2012 from $185,900 in 2011, 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 (SFH) sales increased 10.1 percent from 12,811 in 2011 to 14,101 in 2012.

The median sales price of existing townhouse-condo increased year-over-year by 13.5 percent to $85,000 in 2012, up from $74,900 in 2011.

“The housing market in Broward County had continued and steady improvement in the number of homes sold and the media sales price of single-family homes, condominiums and townhomes in 2012 compared to 2011,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “A slight year-over-year decrease in new listings, the rising median price of homes, sellers receiving more of their asking price and a declining inventory of homes for sale all indicate a gradual tightening of the housing market and what appears to be the building of a sustainable base for a continued trend in rising home prices.”

The inventory (active listings) of existing SFHs for sale in Broward County declined 31.8 percent to 4,348, compared to 6,371 in December 2011. The inventory of existing townhouses and condominiums for sale in Broward County decreased 17.7 percent from 7,326 listings in December 2011 to 6,031 listings in December 2012.
New SFH for-sale listings declined 3.5 percent to 22,266 SFHs compared to 23,068 listings in 2011. New townhouse-condo listings declined 4.3 percent to 25,280 in 2012, compared to 26,421 listings in 2011.

The number of months supply of existing SFH inventory for sale – an indication of the absorption rate based on home sale volume – was 3.7 months for SFHs in December 2012, compared to six months supply of inventory in December 2011. Condominium and townhouse inventory declined 15.4 percent from 5.2 months in December 2011 to 4.4 months in December 2012.

The ratio of the original list price to the actual sales price increased 2.5 percent year-over-year, with sellers receiving 92.7 percent of their asking price for existing SFHs in 2012, compared to 90.4 percent in 2011. Owners of townhouse-condominiums received 93.3 percent of their asking price in 2012, up 2.9 percent from a year ago.

New pending sales, which are houses and townhouse-condominiums under contract but have not yet closed, were up 10.8 percent in 2012 to 21,775 SFHs from 19,652 in 2011. Townhouse-condominiums pending sales declined 1.8 percent in 2012 to 23,138, compared to 23,556 in 2011.

Closed short sales for SFHs were up 27 percent in 2012 to 3,485, compared to 2,744 closed short sales in 2011. The median sales price of short sales in 2012 was $161,500, compared to $169,000 in 2011, a decline of 4.4 percent. Closed foreclosure sales were 2,703 in 2012, with a median price of $129,950, compared to 3,697 closed foreclosure sales in 2011 with a median price of $112,500.

Closed short sales of townhouses and condominiums declined 7.6 percent during the past year, from 3,662 in 2011, compared to 3,382 in 2012. The median price of short sale townhouses and condominiums was $80,000 in 2012, compared to $76,000 in 2011, an increase of 5.3 percent. Foreclosure sales of townhouses and condominiums declined 32.5 percent from 5,119 sales in 2011 to 3,455 sales in 2012. The median sales price of townhouses and condominiums in foreclosure increased 14.6 percent year-over-year to $69,000 in 2012.

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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.