Real Estate News

Greater Ft. Lauderdale Area Median Home Prices Rise 26% Year-over-Year in June

According to the Miami Association of Realtors' Multiple Listing Service (MLS), Broward County condominium sales increased seven percent from 1,416 in June 2010 to 1,511 in June of this year. Single-family home sales increased by six percent in June, from 1,205 to 1,274.

In June, 61 percent of closed sales in Broward County were cash transactions.  Cash sales accounted for 38 percent of single-family and 80 percent of condominium closings.

Statewide sales increased eight percent to 7,941 for condominiums and dropped four percent to 17,597for single-family homes.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 0.8 percent from May and remain 8.8 percent below June 2010, according to the National Association of Realtors (NAR).

"Healthy sales levels in Broward County have resulted in reduced housing supply, which is indicative of a well-performing market," said Terri Bersach, 2011 president of the Broward County Board of Governors of the Miami Association of Realtors.  "Prices have now caught up with rising sales, which is a very positive sign for the local real estate market."

Median and Average Sales Price

The median sales price of condominiums in the Fort Lauderdale Metropolitan Statistical Area (MSA) increased 11 percent to $76,900 compared to June 2010.  The median sales price for single-family homes was $196,000, up 26 percent from a year prior.

The average sales price for single-family homes increased 7.2 percent, from $260,486 in June 2010 to $279,268 last month.  The average sales prices for condominiums increased 1.3 percent, from $119,877 to $121,495.

Statewide median sales prices increased two percent to $93,000 for condominiums and dropped two percent to $138,000 for single-family homes.

The national median existing-home price for all housing types was $184,300 in June, up 0.8 percent from June 2010.

"Compared to a year ago the percentage of distressed sales has dropped despite rising overall sales," said Natascha Tello, president-elect of the Broward County Board of Governors of the Miami Association of Realtors.  "If we continue to experience continued sales growth and the current rate of inventory absorption, we can expect price increases in the future.  Current activity reflects demand for all types of properties in Broward County."

Inventory Levels Continue to Fall

The inventory of residential listings in Broward County decreased 31 percent, from 20,621 to 14,308, since June 2010 and three percent since last month.

Total housing inventory nationally rose 3.3 percent at the end of June.

Distressed Properties

Short sales and foreclosures represented 47 percent, down five percent from June 2010, of total closed June sales in Broward County.

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