Miami, FL (PRWEB)August 10, 2011
In Broward County, sales of homes – including existing single-family homes and condominiums – increased 7.3 percent in the second quarter of 2011, from 7,676 a year earlier to 8,233, and 11.2 percent from the previous quarter, according to the Broward Council of the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service.
Broward sales of existing single-family homes increased five percent in the second quarter compared to a year earlier. The sales of existing condominiums in Broward rose nine percent compared to the second quarter of 2010. Statewide sales of single-family homes increased one percent while that of condominiums increased 14 percent. Nationally, total state existing-home sales, including single-family and condo, declined 5.4 percent compared to the first quarter of 2011 and were 12.7 percent below the second quarter of 2010.
“The performance of the Broward real estate market in the second quarter is indicative of strength and stability,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Homes sales have been consistently rising for nearly three years, and prices, which typically lag behind sales, are now also increasing.”
Median Sales Prices
While short sales and foreclosures continue to have an impact on home prices, especially in some areas of the county, the median sales price of both single-family homes and condominiums posted gains in the second quarter.
The median sales price for condominiums increased seven percent to $76,000. The median sales price for single-family homes in Broward dropped 35 percent to $188,500 in the second quarter. Statewide, median sales prices increased one percent to $134,600 for single-family homes and two percent to $94,700 for condominiums. The national median existing single-family home price was $171,900 in the second quarter, down 2.8 percent from $176,800 in the second quarter of 2010.
“Inventory levels in Broward County have significantly declined compared to a year ago due to strong demand,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Rising sales coupled with strengthening homes values are very positive signs for the Broward market, which continues to attract international and domestic buyers.”
Total housing inventory in Broward County has decreased 34 percent from a year ago and 14 percent from the previous quarter.
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.