Greater Fort Lauderdale Realtors®: Broward County Single-Family Inventory Supply Dropped 30.9% During Past Year While Median Sales Price Increased 22%

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Broward County housing prices continues year-long rise while available housing for sale decreases.

The median sale price of existing single-family homes in Broward County rose 22 percent to $250,000 in April from $205,000 in April 2012, which was supported by a rising demand for housing as reflected by the year-over-year 30.9 percent drop in months supply of inventory and the 24.4 percent decline in median days on market for existing single-family homes, 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 11.1 percent to 1,316 in April from 1,184 a year ago.

The median sales price of existing townhouse-condo increased year-over-year by 24 percent to $105,000 in April, up from $84,700 in April 2012.

“The continued trend in the rising median home prices is reflected in the decreasing amount of available housing inventory on the market and fewer days on market,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “As median housing prices continue to increase, existing homeowners are feeling more comfortable about listing their homes and receiving at or near their asking price.”

The inventory (active listings) of existing SFHs for sale in Broward County declined 23.2 percent to 4,089, compared to 5,321 in April 2012. The inventory of existing townhouses and condominiums for sale in Broward County decreased 9 percent to 5,877 listings from 6,460 listings in April 2012.

New SFH for-sale listings increased 8.1 percent to 2,122 SFHs compared to 1,963 listings in April 2012. New townhouse-condo listings increased 3.1 percent to 2,359, compared to 2,288 listings in April 2012.

The number of months supply of existing SFH inventory for sale – an indication of the absorption rate based on home sale volume – was 3.4 months for SFHs in April, compared to a 4.9 months supply of inventory in April 2012, a decline of 30.9 percent. Condominium and townhouse inventory declined 11.7 percent to 4.3 months from 4.8 months in April 2012.

The average percent of original list price received increased 3.5 percent year-over-year, with sellers receiving 94.8 percent of their asking price for existing SFHs in April, compared to 91.6 percent in April 2012. Owners of townhouse-condominiums received 94.4 percent of their asking price in April, up 3.1 percent from a year ago.

New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, increased 0.9 percent in April to 2,023 SFHs from 2,004 in April 2012. Townhouse-condominiums pending sales increased 7.5 percent in April to 2,155, compared to 2,005 in April 2012.

Closed short sales for SFHs were down 1.7 percent in April to 281, compared to 286 a year ago. The median sales price of a short sale SFH in April was $152,000, compared to $147,000 a year ago, an increase of 3.4 percent. Closed foreclosure sales dropped 34 percent to 140 in April, compared to 212 in April 2012. The median sales price of SFH foreclosures decreased 5.1 percent to $125,350 in April, compared to $132,025 a year ago.

Closed short sales for townhouses and condos were down 30.6 percent in April to 200, compared to 288 closed short sales a year ago. The median sales price of a short sale of townhomes and condos in April was $80,000, compared to $75,000 a year ago, an increase of 6.7 percent. Closed foreclosure sales dropped 22.9 percent to 225 in April, compared to 292 in April 2012, with the median price increasing 15 percent to $76,000 from a year ago.

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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