Greater Fort Lauderdale REALTORS: Broward County Single-Family Home, Townhome & Condominium Prices Continue to Increase, Displaying Confidence in Overall Housing Market

Recently released housing statistics show positive gains over the past year in Broward County and South Florida as a whole.

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These numbers are a sign of continued confidence in our housing market...

Fort Lauderdale, Florida (PRWEB) March 21, 2014

The median sale price of existing single-family homes in Broward County rose 12.3 percent to $255,000 in February from $227,000 in February 2013 while the median sales price of existing townhouses and condominiums increased year-over-year by 38.1 percent to $121,500 in February, up from $88,000 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) increased 1 percent to 979 in February from 969 a year ago. The number of SFH cash sales increased 3.1 percent to 470 closed sales (48 percent of all SFH sales), from 456 in February 2012.

New SFH for-sale listings increased 19.1 percent to 2,304 SFHs compared to 1,935 listings in February 2013. New townhouse-condo listings increased 9.4 percent to 2,513 compared to 2,297 listings last year.

“An increase in median sale prices as well as number of for-sale listings is a sign of a recovering market, indicating a continued confidence in the stability of our overall housing market,” said Marnie E. Allen, e-PRO, GRI, president of the Greater Fort Lauderdale Realtors®.

Closed short sales for SFHs were down 26.7 percent in February to 154, compared to 210 a year ago. The median sales price of a short sale SFH in February was $170,000, compared to $162,000 a year ago, an increase of 4.9 percent. Closed foreclosure sales declined 23.6 percent to 110 in February, compared to 144 in February 2012. The median sales price of SFH foreclosures increased 12.4 percent to $158,500 in February, compared to $141,000 a year ago.

Closed short sales for townhouses and condos were down 50 percent in February to 108, compared to 216 closed short sales a year ago. The median sale price of a short sale of townhomes and condos in February was $98,500, compared to $76,600 a year ago, an increase of 28.6 percent. Closed foreclosure sales declined 16.3 percent to 180 in February, compared to 215 in February 2013, with the median sales price increasing 2.9 percent to $77,250 from a year ago.

The average percent of the original list price for existing SFHs received by sellers rose 1.3 percent year-over-year, with sellers receiving 95.3 percent of their asking price in February, compared to 94.1 percent in February 2012. Owners of townhouse-condominiums received 92.8 percent of their asking price in February, down 1.6 percent from a year ago.

New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, decreased 2.8 percent in February to 1,753 SFHs from 1,804 in February 2012. New pending sales for townhouses-condominiums declined 12.5 percent in February to 1,776, compared to 2,029 in February 2013.

The number of closed sales of townhouses and condominiums declined 5.9 percent to 1,172 in February, compared to 1,245 in February 2012. Cash sales, which accounted for 76.7 percent of townhouse and condominium sales, declined 12.6 percent to 900 in February from 1,030 in February 2013.

The inventory (active listings) of existing SFHs for sale in Broward County increased 25.2 percent to 5,565, compared to 4,446 in February 2013, while the months’ supply of inventory increased 19.6 percent to 4.5 months.

The inventory of existing townhouses and condominiums for sale in Broward County in February increased 24.7 percent to 7,895 listings from 6,329 listings in February 2013, while the months’ supply of inventory increased 23.7 percent from last year to 5.7 months.

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About Greater Fort Lauderdale Realtors®
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.


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