Greater Ft. Lauderdale Home Sales Jump 19% in Q1, Prices Slide 35% Year-over-Year

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According to the Miami Association of Realtors, the Greater Ft. Lauderdale area (Broward County) sales of both 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.

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.

 

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