Median Single-Family Home Prices In January Increased 24.5 Percent Over Last Year In Broward County, FL

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The median price of an existing single-family home in Broward County rose 24.5 percent to $224,088 in January from $180,000 in January 2012, 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 median price of an existing single-family home in Broward County rose 24.5 percent to $224,088 in January from $180,000 in January 2012, 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 15.3 percent to 1,033 in January from 896 a year ago.
The median sales price of existing townhouse-condo increased year-over-year by 26.5 percent to $94,900 in January, up from $75,000 in January 2012.

“The trend toward higher housing prices in Broward County continued in January, supported by fewer active listings, shorter time between listings coming on the market and being sold, and the declining number of short and foreclosure sales,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “It appears that this trend will continue into 2013, which will benefit homeowners that want to sell their homes during the spring and summer months. Median home prices are still below the peak 2007 and 2008 levels, so there are still affordable opportunities for home buyers.”

The inventory (active listings) of existing SFHs for sale in Broward County declined 26.5 percent to 4,510, compared to 6,134 in January 2012. The inventory of existing townhouses and condominiums for sale in Broward County decreased 11.2 percent to 6,407 listings from 7,212 listings in January 2012.

New SFH for-sale listings increased 5.1 percent to 2,132 SFHs compared to 2,029 listings in January 2012. New townhouse-condo listings increased 8.9 percent to 2,635 SFHs compared to 2,419 listings in January 2012.

The number of months supply of existing SFH inventory for sale – an indication of the absorption rate based on home sale volume – was 3.8 months for SFHs in January, compared to a 5.7 months supply of inventory in January 2012. Condominium and townhouse inventory declined 10.5 percent to 4.7 months from 5.7 month in January 2012.

The ratio of the original list price to the actual sales price increased 2.8 percent year-over-year, with sellers receiving 93.4 percent of their asking price for existing SFHs in January, compared to 90.9 percent in January 2012. Owners of townhouse-condominiums received 93.8 percent of their asking price in January, up 1.4 percent from a year ago.

New pending sales, which are houses and townhouse-condominiums under contract but have not yet closed, were up 4.2 percent in January to 1,797 SFHs from 1,724 in January 2012. Townhouse-condominiums pending sales declined 4.9 percent in January to 1,954, compared to 2,055 in January 2012.

Closed short sales for SFHs were up .9 percent in January to 235, compared to 233 closed short sales a year ago. The median sales price of a short sale SFH in January was $156,500, compared to $152,000 a year ago, an increase of 3 percent. Closed foreclosure sales dropped 15.6 percent to 173 in January, compared to 205 in January 2012. The median sales price of SFH foreclosures increased 27.1 percent to $152,500 in January, compared to $120,000 in January 2012.

Closed short sales of townhouses and condominiums declined 23.8 percent in January to 195 from 256 in January 2012. The median price of short sale townhouses and condominiums was $85,000 in January, compared to $80,000 a year ago, an increase of 6.3 percent. Foreclosure sales of townhouses and condominiums in January declined 20.9 percent to 212 from 268 sales in January 2012. The median sales price of townhouses and condominiums in foreclosure increased 29 percent year-over-year to $74,900 in January, up from $58,075 in January 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.

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Richard Barkett
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