Greater Fort Lauderdale Realtors: Median Sale Price Continues to Increase as Strengthening Market is Showcased in Latest Housing Statistics

Broward County, Florida, Housing Statistics: May 2014

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As we look at the latest housing statistics, we see a continuing trend of confidence across the board.

Fort Lauderdale, Florida (PRWEB) June 26, 2014

The rising trend of median sale prices for both single-family homes and townhouses/condominiums continued in May from those numbers one 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 median sale price for single-family homes is up 9.8% (from $255,000 in May of 2013 to $280,000 in May of 2014), while townhomes/condominiums are up 16.8% (from $108,000 to $126,150), respectively.

The number of new listings continued to rise across the board, up 16.2% in single-family homes (2,133 to 2,478) and up 7.4% in townhouses/condominiums (2,353 to 2,526), bringing the months’ supply of inventory from 4.3 to 5.8 in its current state for townhomes/condominiums and from 3.4 to 4.8 for single-family homes. Those numbers represent an increase of 40.8% for single-family homes and 36.5% in townhomes/condominiums.

“As we look at the latest housing statistics, we see a continuing trend of confidence across the board. Buyers are feeling more confident as they are willing to pay more for a valuable home or property. Sellers are equally confident that they will sell in a reasonable amount of time and receive close to what their original asking price was, as shown by the increase in available inventory,” said Marnie E. Allen, e-PRO, GRI, president of the Greater Fort Lauderdale Realtors®.

The number of closed short sales for single-family homes (SFH) is down 41.4% from May of last year (268 to 157); while the number closed foreclosure sales decreased slightly by 2.5% in the past year (161 to 157). The number of closed short sales for townhouses/condominiums is down 59.5% percent from May of last year (262 to 106); while the number closed foreclosure sales remained constant from May 2013 (240 to 240).

The total number of closed sales for existing single-family homes decreased by 8.2% to 1,341 from 1,460 in May of last year. The total number of closed sales for existing townhomes/condominiums decreased slightly at 9.6% down to 1,497 from 1,656 in May 2014. Cash sales for single-family homes decreased by 17.7%, while cash sales for townhomes/condominiums dipped by 18.2% across Broward County.