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Broward Home Sales and Prices Continue to Rise

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 25 percent from 1,474 in March 2010 to 1,837 in March of this year, according to the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Single-family home sales increased by eight percent in March, from 1,080 to 1,169. Cash transactions represented 68.6 percent all closed residential sales in March. International sales, most of which are cash transactions, represent approximately 60 percent of closed sales in South Florida.

Statewide sales increased 24 percent to 9,703 for condominiums and 12 percent for single-family homes to 18,522. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 3.7 percent from February and were 5.44 percent below March 2010, according to the National Association of Realtors (NAR).

“Currently, there is approximately eight months of existing housing supply in Broward County, reflecting healthy levels of absorption,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “As the local market continues to outperform the nation, median sales prices have stabilized despite a significant percentage of distressed sales.”

Median and Average Sales Price
The median sales price of condominiums in the Fort Lauderdale Metropolitan Statistical Area (MSA) increased one percent to $70,100 compared to March 2010 and 4.5 percent compared to the previous month. The median sales price for single-family homes was $175,400, up eight percent from a year prior and five percent from the previous month.

The average sales price for single-family homes dropped 6.4 percent, from $279,511 in March 2010 to $261,651 last month. The average sales prices for condominiums dropped 9.1 percent, from $122,229 to $111,046.

Statewide median sales prices decreased 11 percent to $84,300 for condominiums and seven percent to $126,300 for single-family homes. The national median existing-home price for all housing types was $159,600 in March, a 5.9 percent drop from March 2010.

“We are experiencing the highest sales levels in over five years in Broward County,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Sales are above what they were a year ago despite the homebuyer tax credit that helped boost sales during that period in 2010. This reflects strong demand for local properties.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 20.5 percent from 20,917 to 16,629 since April 2010 and 11.1 percent from last month. Total housing inventory nationally rose 1.5 percent at the end of March.

Days on the Market
In Broward County, the total number of days a property stays on the market decreased 24.2 percent to 106 days for single-family homes and 14.4 percent to 111 days for condominiums compared to a year earlier.

Distressed Properties
Short sales and foreclosures represented 52.3 percent of total closed March sales in Broward County. While distressed sales have a significant downward impact on prices, Broward median prices still increased in March.

About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating over 90 years 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 24,000 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.

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