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Broward Condominium Sales Rise Seven Percent

Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS
Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS

In Broward County, condominium sales increased seven percent, from 947 to 1,011, last month compared to December 2009 and 70 percent compared to December 2008, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).

Single-family home sales dropped 14 percent in December, but were seven percent higher than they were two years ago. Statewide sales increased four percent to 6,673 for condominiums and four percent for single-family homes to 15,550.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 12.3 percent from November but were 2.9 percent below December 2009, according to the National Association of Realtors (NAR).

“Increasing condominium sales in December and last year compared to 2009 is a positive sign for the Broward County market,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Increased condo sales in Broward especially in December could be an indicator that the second home market is showing signs of strengthening. As we experience job growth and a strengthening economy, we expect the Broward market to further improve.”

Year End 2010
Total closed sales of condominiums rose nine percent, from 9,894 in 2009 to 10,773 in 2010. Compared to 2008, condominium sales increased 65 percent last year. Total single-family home sales dropped nine percent from 8,816 in 2009 to 7,997 in 2010 but were 25 percent higher compared to 2008.

The year-end median sales price remained the same at $206,100 for single-family homes and dropped 11 percent for condominiums when comparing 2010 to 2009. Statewide the year-end median sales price dropped four percent for single-family homes and 15 percent for condominiums.

Median and Average Sales Price
The median sales price of condominiums in the Fort Lauderdale Metropolitan Statistical Area (MSA) decreased 12 percent to $70,700 compared to December 2009. The median sales price for single-family homes was $203,700, down four percent from a year prior.

The average sales price for total single-family homes decreased three percent, from $251,556 in 2009 to $244,638 in 2010. The average sales prices for condominiums dropped seven percent, from $128,394 to $119,644.

Statewide median sales prices decreased 17 percent to $88,100 for condominiums and five percent to $133,100 for single-family homes. The national median existing-home price for all housing types was $168,800 in December, a one percent drop from December 2009.

Inventory Levels Decrease
The inventory of residential listings in Broward County decreased 5.8 percent from 21,133 to 19,899 since January 2010, according to the SEFMLS. Compared to last month, the total inventory of homes decreased 1.3 percent.

“Short sales and foreclosures continue to affect home values and the Broward real estate market, particularly in some areas of the county,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Still compared to the state of the market two years ago, when sales began to rebound, we are seeing vast improvements.”

Total housing inventory nationally fell 4.2 percent at the end of December.

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 25,000 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.

CONTACT: Lynda Fernandez, 305-468-7040 Office or 305.903.7922 Cell

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.

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