Broward Home Sales, Condominium Prices Rise in 1Q

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In Broward County, sales of homes – including existing single-family homes and condominiums – increased 19 percent in the first quarter of 2011, from 6,198 a year earlier to 7,403, and 70 percent from the previous quarter, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service.

Home sales continue to increase in Broward Country, reflecting the healthy demand that exists for local properties

In Broward County, sales of homes – including existing single-family homes and condominiums – increased 19 percent in the first quarter of 2011, from 6,198 a year earlier to 7,403, and 70 percent from the previous quarter, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service.

Broward sales of existing single-family homes increased 13 percent in the first quarter compared to a year earlier. The sales of existing condominiums in Broward rose 24 percent compared to the first quarter of 2010. Statewide sales of single-family homes increased 13 percent while that of condominiums increased 29 percent.

“Home sales continue to increase in Broward Country, reflecting the healthy demand that exists for local properties,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Savvy buyers continue to take advantage of record affordability, low interest rates, and an exciting lifestyle, resulting in rapid absorption of local housing inventory.”

Median Sales Prices
The median sales price for condominiums increased two percent to $68,800. The median sales price for single-family homes in Broward dropped 35 percent to $101,800 in the first quarter. Statewide, median sales prices dropped six percent to $123,600 for single-family homes and 16 percent to $80,700 for condominiums.

Short sales and foreclosures continue to have an impact on median and average sales prices for both single-family homes and condominiums especially in some areas of the county.

“Approximately 67 percent of the properties that sold in the first quarter in Broward County were priced under $150,000,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Continued absorption of distressed properties will strengthen home prices in the future. Already we are seeing prices rise in some local communities.”

Inventory Levels
Total housing inventory in Broward County has decreased 19 percent from a year ago and 19 percent from the previous quarter.

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 24,000 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.

Note: MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service are the sources for statistics reported by the National Association of Realtors and Florida Realtors.

CONTACT:
Lynda Fernandez, 305-468-7040 Office or 305-903-7922 Cell or
Teresa King Kinney, 305-468-7010    

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