Median Broward County Single-Famly Home Prices Continues Year-Over-Year Growth

The median price of an existing single-family home in Broward County in September was 10.2 percent higher than the median price of a Broward home a year earlier, according to statistics released today by the Greater Fort Lauderdale Realtors®, the largest professional Broward-based association of licensed real estate brokers and sales associates.

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The median price of Broward County residential housing continues to strengthen as the supply of available housing continues to decrease from a year ago.

FORT LAUDERDALE, FL (PRWEB) October 21, 2012

The median price of an existing single-family home in Broward County in September was 10.2 percent higher than the median price of a Broward home a year earlier, according to statistics released today by the Greater Fort Lauderdale Realtors®, the largest professional Broward-based association of licensed real estate brokers and sales associates.

The median sales price of single-family homes (SFHs) sold in Broward County was $205,000 in September, compared to $186,000 a year ago, according to a housing market report released today by the Greater Fort Lauderdale Realtors (GFLR).

The median sales price of existing townhouse-condo increased year-over-year by 25.4 percent to $89,000 from $71,000 in September 2011.

“The median price of Broward County residential housing continues to strengthen as the supply of available housing continues to decrease from a year ago,” said Stephen B. McWilliam, president of the Greater Fort Lauderdale Realtors®. “There’s a strong support base for home prices now compared a year ago – the number of months supply of inventory is lower and sellers are still receiving most of their asking price.”

The inventory of existing SFHs for sale in Broward County declined 48.7 percent to 4,872, compared to 9,495 in September 2011. The inventory of existing townhouses and condominiums for sale in Broward County decreased 43 percent from September 2011 to 6,143 units in September 2012. The month-over-month inventory remained about the same, dropping to seven less units for sale in September.

New homes for sale listings dropped 1.6 percent to 1,814 SFHs and decreased 9.3 percent to 1,853 townhouse-condos since September 2011.

The number of months supply of existing housing inventory for sale – an indication of the absorption rate based on home sale volume – was 3.4 months for SFHs, and 3.7 months in September for townhouses-condominiums. Compared to September 2011, the SFH months of inventory has declined 60.2 percent, and townhouse-condominium has dropped 45.6 percent.

The ratio of the original list price received to the actual sales price leveled off with sellers receiving 93.2 percent of their asking price for existing SFHs in September, compared to 90.7 percent a year ago. Owners of townhouse-condominiums received 94.3 percent of their asking price in September, up 2.3 percent over a year ago.

Pending sales, which are houses and townhouse-condominiums under contract but have not yet closed, were up 35.2 percent in September over the pervious year to 1,599 SFHs, and up 27 percent to 1,703 townhouse-condominiums.

    Closed short sales were down 6.8 percent in September to 531 with the median sales price increasing 11.7 percent to $108,900 from a year ago. Closed foreclosure sales were down 22.9 percent to 471 in September compared to a year ago, while the median price of foreclosures was $90,750 up 13.4 percent over September 2011.

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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.