Miami, FL (Vocus)October 26, 2010
Median sales price of single-family homes in the Fort Lauderdale Metropolitan Statistical Area (MSA) increased seven percent to $214,200 compared to September 2009, furthering the strengthening market trend.
Residential sales in Broward County fell in September, but are still stronger than they were two years ago when they began climbing. In Broward County, single-family home sales decreased 16 percent compared to September 2009, but are 10 percent above what they were in September 2008 according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
Condominium sales dropped 4 percent in September, but were a significant 51 percent higher than they were two years ago. The Broward County real estate market has experienced rising residential sales for nearly two years, beginning in August 2008. While sales are fluctuating somewhat, sales levels are still reflective of market strengthening and stability.
“While sales appear to have slowed slightly, current Broward County market fundamentals are indicative of positive performance,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “International buyers continue to play an important role in strengthening the local market.”
Statewide sales increased 10 percent to 5,675 for condominiums and dropped eight percent for single-family homes to 13,536. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 10 percent from August, but remain 19.1 percent below September 2009, according to the National Association of Realtors (NAR).
Condominium sales in Miami were slower to rebound than that of single-family homes. The median sales price for condominiums was $71,600, down nine percent from a year ago. Statewide median sales prices decreased eight percent to $133,400 for single-family homes and 18 percent to $83,400 for condominiums.
Average sales prices, which have increased consistently over the last few months, rose again in September for single-family homes but dropped for condominiums. According to the SEFMLS, the average sales price in Broward County in September increased 8.5 seven percent from the previous year to $275,481 for single-family homes and decreased 11.6 percent to $111,117 for condominiums.
Days on the Market and Inventory Levels Decrease
Continuing signs of market activity, the inventory of residential listings in Broward County dropped seven percent from 21,886 to 20,400 since September 2009, according to the SEFMLS. The levels of active single-family home listings rose five percent, while that of condominiums fell 13 percent from a year ago. Compared to last month, the total inventory of homes decreased four percent. The average days a property stays on the market decreased 8.5 percent to 87 for single-family homes and 10 percent to 88 for condominiums. Nationally, total housing inventory at the end of September fell 1.9 percent from the previous month.
“Falling inventory and decreasing days on the market are very positive signs for the Broward County real estate market,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “The foreclosure and short sale markets have created incredible opportunities for those who may have been priced out of the market before.”
About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year 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 23,000 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: The 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. MIAMI reports average sales price as well as median sales price.