Greater Fort Lauderdale Realtors®: Broward County Single-Family Median Sales Price Increased 16% During Past Year While New For-Sale Listings Increased 16.1%

The median sale price of existing single-family homes in Broward County rose 16 percent to $260,000 in January from $224,088 in January 2012 while the median sales price of existing townhouses and condominiums increased year-over-year by 23.8 percent to $117,500 in January, up from $94,900 from a year ago.

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Fort Lauderdale, FL (PRWEB) March 01, 2014

The median sale price of existing single-family homes in Broward County rose 16 percent to $260,000 in January from $224,088 in January 2012 while the median sales price of existing townhouses and condominiums increased year-over-year by 23.8 percent to $117,500 in January, up from $94,900 from a year ago, 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) decreased 4.3 percent to 989 in January from 1,033 a year ago. The number of SFH cash sales decreased 8.5 percent to 455 closed sales (46 percent of all SFH sales), from 497 in January 2012.

The number of closed sales of townhouses and condominiums declined 4.5 percent to 1,132 in January, compared to 1,185 in January 2012. Cash sales, which accounted for 76.8 percent of townhouse and condominium sales, declined 7.3 percent to 870 in January from 939 in January 2012.

“The stable rise in housing prices continued into 2014, supported by a balanced supply of housing inventory, sellers receiving near their original asking prices, and the declining inventory and rising prices of lower-cost short sales and foreclosures,” said Marnie E. Allen, e-PRO, GRI, president of the Greater Fort Lauderdale Realtors®. “The slight decrease in closed sales last month and the rise in inventory indicates a minor adjustment that is typical of previous Januarys.”

The inventory (active listings) of existing SFHs for sale in Broward County increased 18.3 percent to 5,338, compared to 4,514 in January 2012, while the months’ supply of inventory increased
12.5 percent to 4.3 months.

The inventory of existing townhouses and condominiums for sale in Broward County in January increased 19.6 percent to 7,674 listings from 6,415 listings in January 2012, while the months’ supply of inventory increased 18 percent from last year to 5.5 months.

New SFH for-sale listings increased 16.1 percent to 2,474 SFHs compared to 2,131 listings in January 2012. New townhouse-condo listings increased 10.4 percent to 2,908 compared to 2,634 listings in January 2012.

The average percent of the original list price for existing SFHs received by sellers rose
2 percent year-over-year, with sellers receiving 95.3 percent of their asking price in January, compared to 93.4 percent in January 2012. Owners of townhouse-condominiums received
94.1 percent of their asking price in January, up 0.3 percent from a year ago.

New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, increased .2 percent in January to 1,798 SFHs from 1,795 in January 2012. New pending sales for townhouses-condominiums declined 6.8 percent in January to 1,819, compared to 1,951 in January 2012.

Closed short sales for SFHs were down 28.5 percent in January to 168, compared to 235 a year ago. The median sales price of a short sale SFH in January was $185,000, compared to $156,500 a year ago, an increase of 18.2 percent. Closed foreclosure sales declined 26 percent to 128 in January, compared to 173 in January 2012. The median sales price of SFH foreclosures declined 10.9 percent to $135,950 in January, compared to $152,500 a year ago.

Closed short sales for townhouses and condos were down 32.8 percent in January to 131, compared to 195 closed short sales a year ago. The median sale price of a short sale of townhomes and condos in January was $107,500, compared to $85,000 a year ago, an increase of 26.5 percent. Closed foreclosure sales declined 9.4 percent to 192 in January, compared to 212 in January 2012, with the median sales price increasing 22.7 percent to $91,900 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.