Greater Fort Lauderdale Realtors®: Broward County Single-Family Median Sales Price Increased 23.8% In 2013, While New Listings Increased 9.9%

The median sale price of existing single-family homes in Broward County rose 23.8 percent to $257,500 in 2013 from $208,000 in 2012, and the median sales price for condominiums and townhouses also rose 25.9 percent in 2013 to $107,000, compared to $85,000 in 2012, according to statistics released today by the Greater Fort Lauderdale Realtors®.

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FORT LAUDERDALE, FL (PRWEB) February 12, 2014

The median sale price of existing single-family homes in Broward County rose 23.8 percent to $257,500 in 2013 from $208,000 in 2012, and the median sales price for condominiums and townhouses also rose 25.9 percent in 2013 to $107,000, compared to $85,000 in 2012, 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 6.4 percent to 15,005 for the year, up from 14,101 in 2012. The number of SFH cash sales increased 9.8 percent to 6,281 closed sales in 2013 (41.8 percent of all SFH sales), from 5,719 in 2012.

The number of closed sales of townhouses and condominiums increased 2.4 percent to 16,808 in 2013, compared to 16,418 in 2012. Cash sales, which accounted for 77.5 percent of townhouse and condominium sales, declined 2.6 percent to 13,026 in 2013 from 13,368 in 2012.

The inventory (active listings) of existing SFHs for sale in Broward County increased 16 percent to 5,042, compared to 4,384 in 2012, while the months’ supply of inventory increased 9 percent to four months. The inventory of existing townhouses and condominiums for sale in Broward County in 2013 increased 18.9 percent to 7,171 listings from 6,031 listings in 2012, while the months’ supply of inventory increased 16.1 percent from last year to 5.1 months.

“While housing prices in 2013 continued to trend upward compared to the previous four years, the number of new pending sales has declined slightly, the pace of new listings has moderated and the days on market has decreased slightly,” said Marnie E. Allen, e-PRO, GRI, president of the Greater Fort Lauderdale Realtors®. “These factors indicate that housing demand continued at a healthy yet steady pace in 2013.”

New SFH for-sale listings increased 9.9 percent to 24,474 SFHs in 2013 compared to 22,266 listings in 2012. New townhouse-condo listings increased 10.7 percent to 27,978, compared to 25,280 listings in 2012.

The average percent of the original list price for existing SFHs received by sellers rose 2.9 percent in 2013, with sellers receiving 95.4 percent of their asking price, compared to 92.7 percent in 2012. Owners of townhouse-condominiums received 94.5 percent of their asking price in 2013, up 1.3 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 percent in 2013 to 21,331 SFHs from 21,775 in 2012. New pending sales for townhouses-condominiums declined 2.9 percent in 2013 to 22,473, compared to 23,138 in 2012.

Closed short sales for SFHs were down 18.9 percent in 2013 to 2,825, compared to 3,485 a year ago. The median sales price of a short sale SFH in 2013 was $173,250, compared to $161,500 in 2012, an increase of 7.3 percent. Closed foreclosure sales declined 32.9 percent to 1,815 in 2013, compared to 2,703 in 2012. The median sales price of SFH foreclosures increased 17.7 percent to $153,000 in 2013, compared to $129,950 a year ago.

Closed short sales for townhouses and condos were down 32.6 percent in 2013 to 2,281, compared to 3,382 closed short sales a year ago. The median sale price of a short sale of townhomes and condos in 2013 was $86,000, compared to $80,000 a year ago, an increase of 7.5 percent. Closed foreclosure sales declined 23.1 percent to 2,657 in 2013, compared to 3,454 in 2012, with the median sales price increasing 16 percent to $80,050 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.