Greater Fort Lauderdale Realtors®: Broward County Single-Family Inventory Supply Dropped 17% During Past Year While Median Sales Price Increased 21.4%

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The median sales price of existing single-family homes in Broward County rose 21.4 percent to $255,000 during the second quarter of 2013 from $210,000 during the second quarter of 2012.

The median sales price of existing single-family homes in Broward County rose 21.4 percent to $255,000 during the second quarter of 2013 from $210,000 during the second quarter of 2012. The 26.2 percent decline in year-over-year median days on market, shrinking months supply of inventory and with owners receiving a higher percentage of their asking price for existing single-family homes, townhouses and condominiums continues to support rising housing prices, 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 10.4 percent to 4,132 during the second quarter of 2013 compared to 3,742 closed sales during the same period a year ago.

The median sales price of existing townhouses and condominiums increased year-over-year by 23.5 percent to $105,000 during the second quarter of 2013, up from $85,000 during the same three-month period a year ago.

“The second quarter data confirms that prices for existing housing are continuing to increase as key indicators – shorter time on market, higher asking prices, declining inventory and a months supply of inventory – support increasing home values,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “We remain in a healthy and sustained sellers’ market.”

The inventory (active listings) of existing SFHs for sale in Broward County declined 17 percent to 4,098, compared to 4,935 in the second quarter of 2012, while the quarter’s inventory supply declined 26 percent to 3.3 months. The inventory of existing townhouses and condominiums for sale in Broward County in the second quarter decreased 4.1 percent to 5,869 listings from 6,120 listings in for the second quarter of 2012, while the second quarter’s supply of inventory declined 7.6 percent from last year to 4.2 months.

New SFH for-sale listings increased 7.4 percent during the second quarter of 2013 to 6,309 SFHs, compared to 5,874 listings in last year. New townhouse-condo listings increased 7.1 percent to 6,840 during the second quarter, compared to 6,389 listings in the second quarter of last year.

The average percent of the original list price received by sellers rose 3.4 percent year-over-year, with sellers receiving 95.4 percent of their asking price for existing SFHs from April through June, compared to 92.3 percent during the second quarter of 2012. Owners of townhouse-condominiums received 94.4 percent of their asking price during the second quarter, up 1.7 percent from a year ago.

New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, declined 0.5 percent during the second quarter of 2013 to 5,899 SFHs, compared to 5,928 listings in last year. New townhouse-condo pending sale listings increased 0.9 percent to 5,984 during the second quarter, compared to 5,933 listings in the second quarter of 2012.

Closed short sales for SFHs were down 8.9 percent during the second quarter to 789, compared to 866 a year ago. The median sales price of a short sale SFH from April to June was $165,000, compared to $159,350 a year ago, an increase of 3.5 percent. Closed foreclosure sales dropped 32.9 percent to 475 during the second quarter, compared to 708 during the second quarter in 2012. The median sales price of SFH foreclosures increased 15.4 percent to $150,000 in the second quarter, compared to $130,000 a year ago.

Closed short sales for townhouses and condos were down 25.7 percent from April through June to 654, compared to 880 closed short sales during the same period a year ago. The median sales price of a short sale of townhomes and condos in the second quarter was $83,000, compared to $77,950 a year ago, an increase of 6.5 percent. Closed foreclosure sales dropped 27.6 percent to 707 in the second quarter compared to 977 during the same period last year, with the median sales price increasing 14.2 percent to $79,700 from the second quarter last year.

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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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