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Broward Home Sales Rise, Prices Stabilize

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 12 percent from 1,159 in July 2010 to 1,293 last month, according to the Broward Council of the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Single-family home sales increased eight percent, from 1,005 to 1,087.

Statewide sales increased 12 percent to 13,874 for single-family homes as well as 12 percent to 5,904 for condominiums compared to July 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 3.5 percent from June but were 21 percent above July 2010, according to the National Association of Realtors (NAR).

“Sales in Broward County continue to increase for both single-family homes and condominiums, which is a very positive sign,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Strong sales activity, which is boosted by strong demand from foreign buyers, has resulted in a stronger and more stable market.”

Cash Transactions
In July, 61 percent of closed sales in Broward County were cash transactions. Cash sales accounted for 39 percent of single-family and 79 percent of condominium closings.

Median and Average Sales Price
Compared to July 2010, the median sales price in the Fort Lauderdale Metropolitan Statistical Area (MSA) for single-family homes increased five percent to $193,000. The median sales price for condominiums remained unchanged at $81,200.

The average sales price for single-family homes decreased 9.5 percent, from $266,664 in June 2010 to $241,339 last month. The average sales prices for condominiums increased 12.1 percent, from $111,423 to $124,949.

Statewide median sales prices increased four percent to $87,800 for condominiums and dropped one percent to $136,500 for single-family homes. The national median existing-home price for all housing types was $174,000 in July, down 4.4 percent from July 2010.
“Rising sales combined with a decrease in distressed sales has helped strengthen home prices in Broward County,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Home prices have risen several times during this year, including in July. Despite a decline currently in bank-owned inventory, there is evident demand for non-distressed properties, which should positively impact home values in the future.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 34 percent, from 20,847 to 143,707, since July 2010 and three percent since last month.

Total housing inventory nationally fell 1.7 percent at the end of July.

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

Note: Statistics in this news release may vary depending on reporting dates.

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.

Note: The Broward Council of 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.

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

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