Broward Home Prices Stabilize in 4Q

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In the Fort Lauderdale Metropolitan Statistical Area (MSA), sales of homes -- including existing single-family homes and condominiums -- decreased 14.4 percent, from 5,085 to 4,354, in the fourth quarter of 2010 compared to a year earlier but were 30 percent higher compared to the fourth quarter of 2008, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service.

The fact that the median sales price increased again in the fourth quarter is a very positive sign for the Fort Lauderdale market.

In the Fort Lauderdale Metropolitan Statistical Area (MSA), sales of homes -- including existing single-family homes and condominiums -- decreased 14.4 percent, from 5,085 to 4,354, in the fourth quarter of 2010 compared to a year earlier but were 30 percent higher compared to the fourth quarter of 2008, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service.

Broward sales of existing single-family homes decreased 21 percent in the fourth quarter of 2010 compared to a year earlier but were up 3.4 percent from two years ago. The sales of existing condominiums in Fort Lauderdale dropped nine percent compared to the fourth quarter of 2010 but were 59 percent higher than they were in the fourth quarter of 2008. Statewide sales of single-family homes decreased five percent while sales of condominiums increased six percent.

“The fact that the median sales price increased again in the fourth quarter is a very positive sign for the Fort Lauderdale market,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “It is also encouraging to see the improvement in the market over the last 2 and a half years and to continue to see levels of inventory decreasing.”

Median Sales Prices
The median sales price for single-family homes in Broward in the third quarter of 2010 was $206,700. The median sales price for condominiums was $69,500. Statewide, median sales prices dropped five percent to $134,100 for single-family homes and 18 percent to $86,400 for condominiums.

Inventory Levels
Total housing inventory in Broward County has decreased 8.2 percent from a year ago and four percent from the previous quarter.

“The Broward real estate market offers buyers affordability, enviable year-round weather, and a great lifestyle,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “We expect job growth and consumer confidence to further strengthen the local market and to continue to attract U.S. and international buyers.”

About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating over 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.

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Lynda Fernandez
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