Greater Fort Lauderdale Realtors®: Broward County Single-Family Median Sales Price Increased 16.9% During Past Year While For-Sale Listings Increased 15.5%

The median sale price of existing single-family homes in Broward County rose 16.9 percent to $268,950 in December 2013 from $230,000 in December 2012.

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FORT LAUDERDALE, FL (PRWEB) February 01, 2014

The median sale price of existing single-family homes in Broward County rose 16.9 percent to $268,950 in December 2013 from $230,000 in December 2012. A stable and sustained demand for housing over the past 12 months has been supported by fewer median days on market, a gradual rise in active listings and buyers paying close to the asking price has supported a sustained rise in the median price of existing single-family homes, townhouses and condominiums, 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 5 percent to 1,300 in December from 1,238 a year ago. The number of SFH cash sales decreased 7.5 percent to 508 closed sales (41 percent of all SFH sales), from 549 in December 2012.

The median sales price of existing townhouses and condominiums increased year-over-year by 26.2 percent to $120,000 in December, up from $95,100 in December 2012. The number of closed sales of townhouses and condominiums declined 1.5 percent to 1,340 in December, compared to 1,361 in December 2012. Cash sales, which accounted for 73.5 percent of townhouse and condominium sales, declined 9.3 percent to 986 in December from 1,087 in December 2012.

“The moderate supply of inventory, continued leveling of the number of homes coming on the market and a slight moderation in housing prices indicates that Broward County ended 2013 with a stable housing market,” said Marnie E. Allen, e-PRO, GRI, president of the Greater Fort Lauderdale Realtors®.

The inventory (active listings) of existing SFHs for sale in Broward County increased 16 percent to 5,042, compared to 4,384 in December 2012, while the months’ supply of inventory declined
9 percent to 4 months. The inventory of existing townhouses and condominiums for sale in Broward County in December increased 18.9 percent to 7,171 listings from 6,031 listings in December 2012, while the months’ supply of inventory increased 16.1 percent from last year to 5.1 months.

New SFH for-sale listings increased 15.5 percent to 1,613 SFHs compared to 1,396 listings in December 2012. New townhouse-condo listings increased 14 percent to 2,026, compared to 1,777 listings in December 2012.

The average percent of the original list price for existing SFHs received by sellers rose
1.6 percent year-over-year, with sellers receiving 95.2 percent of their asking price in December, compared to 93.7 percent in December 2012. Owners of townhouse-condominiums received
94.2 percent of their asking price in December, up 0.1 percent from a year ago.

New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, decreased 9.3 percent in December to 1,403 SFHs from 1,547 in December 2012. New pending sales for townhouses-condominiums declined 10.7 percent in December to 1,456, compared to 1,631 in December 2012.

Closed short sales for SFHs were down 23.7 percent in December to 225, compared to 295 a year ago. The median sales price of a short sale SFH in December was $181,250, compared to $187,000 a year ago, a decrease of 3.1 percent. Closed foreclosure sales declined 21.9 percent to 157 in December, compared to 201 in December 2012. The median sales price of SFH foreclosures increased 15.3 percent to $162,000 in December, compared to $140,500 a year ago.

Closed short sales for townhouses and condos were down 39.1 percent in December to 157, compared to 258 closed short sales a year ago. The median sale price of a short sale of townhomes and condos in December was $90,000, compared to $79,900 a year ago, an increase of 12.6 percent. Closed foreclosure sales declined 18.3 percent to 183 in December, compared to 224 in December 2012, with the median sales price increasing 10.5 percent to $82,901 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. For more information visit: http://www.r-world.com.