Greater Fort Lauderdale Realtors®: Broward County Single-Family Inventory Supply Dropped 10.3% During Past Year While Median Sales Price Increased 27.9%

The median sale price of existing single-family homes in Broward County rose 27.9 percent to $275,000 in July from $215,000 in July 2012, according to the Greater Fort Lauderdale Realtors®.

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Fort Lauderdale, FL (PRWEB) August 23, 2013

The median sale price of existing single-family homes in Broward County rose 27.9 percent to $275,000 in July from $215,000 in July 2012. The rising median price of existing single-family homes, townhouses and condominiums continues to be supported by a stronger demand for housing as reflected by the year-over-year decline in months supply of inventory, as well as a decrease in the median days on market, 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 (http://www.r-world.com). The number of closed sales of existing single-family homes (SFH) increased 12.9 percent to 1,475 in July from 1,307 a year ago.

The median sales price of existing townhouses and condominiums increased year-over-year by 29.2 percent to $108,500 in July, up from $84,000 in July 2012.

“The declining amount of inventory of single-family homes, condominiums and townhouses available for sale in Broward County, coupled with existing homeowners receiving a larger percentage of their asking price and the dramatically fewer days on market compared to last year continues to put upward pressure on prices,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “This means that we are still in a healthy growth market where sellers are continuing to receive at or near their asking prices.”

The inventory (active listings) of existing SFHs for sale in Broward County declined 10.3 percent to 4,297, compared to 4,792 in July 2012, while the months’ supply of inventory declined 19.6 percent to 3.5 months. The inventory of existing townhouses and condominiums for sale in Broward County in July decreased 7.1 percent to 5,985 listings from 6,441 listings in July 2012, while the months’ supply of inventory declined 11.1 percent from last year to 4.3 months.

New SFH for-sale listings increased 17.4 percent to 2,168 SFHs compared to 1,846 listings in July 2012. New townhouse-condo listings increased 18.8 percent to 2,347, compared to 1,975 listings in July 2012.

The average percent of the original list price received by sellers rose 3.9 percent year-over-year, with sellers receiving 96.4 percent of their asking price for existing SFHs in July, compared to 92.8 percent in July 2012. Owners of townhouse-condominiums received 95.4 percent of their asking price in July, up 1.1 percent from a year ago.

New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, decreased 2.7 percent in July to 1,859 SFHs from 1,811 in July 2012. New pending sales for townhouses-condominiums increased 10.7 percent in July to 1,963, compared to 1,774 in July 2012.

Closed short sales for SFHs were down 9.8 percent in July to 286, compared to 317 a year ago. The median sales price of a short sale SFH in July was $174,000, compared to $168,500 a year ago, a decline of 9.8 percent. Closed foreclosure sales declined 39.5 percent to 153 in July, compared to 253 in July 2012. The median sales price of SFH foreclosures increased 7.6 percent to $154,900 in July, compared to $144,5000 a year ago.

Closed short sales for townhouses and condos were down 27.4 percent in July to 207, compared to 285 closed short sales a year ago. The median sales price of a short sale of townhomes and condos in July was $91,700, compared to $75,000 a year ago, an increase of 22.3 percent. Closed foreclosure sales declined 20.4 percent to 269 in July, compared to 338 in July 2012, with the median sales price increasing 8.3 percent to $81,255 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.