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Broward Condominium Prices Spike in October

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, single-family home sales increased 16 percent from 856 in October 2010 to 992 last month, according to the Broward Council of the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Condominium sales increased seven percent from 1,075 to 1,150.

Statewide sales increased 13 percent to 13,755 for single-family homes and 12 percent to 6,132 for condominiums compared to October 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 1.4 percent from the previous month and were 13.5 percent above October 2010, according to the National Association of Realtors (NAR).

“Broward County home and condominium sales activity has remained strong in October, which is a very encouraging trend,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “We expect local sales activity to maintain its strength, as the local market sets a sales record this year and continues to outperform the nation.”

Cash Transactions
In October, 60 percent of closed sales in Broward County were cash transactions, the same percentage as the previous month. Cash sales accounted for 37 percent of single-family and 80 percent of condominium closings. Nationally, all-cash sales accounted for 29 percent of transactions, reflecting the stronger presence of international buyers in the Miami real estate market.

Median and Average Sales Price
Compared to October 2010, the median sales price in the Fort Lauderdale Metropolitan Statistical Area (MSA) for condominiums rose a significant 25 percent to $78,100. The median sales price for single-family homes decreased six percent to $181,300.

The average sales price for single-family homes rose 3.9 percent to $269,912 last month compared to $259,880 in October 2010. The average sales prices for condominiums increased 8.8 percent, from $110,172 to $119,864.

Statewide median sales prices decreased four percent to $131,200 for single-family homes and increased nine percent to $87,800 for condominiums. The national median existing-home price for all housing types was $161,600 in October, down 5.8 percent from October 2010.

“We are seeing strengthening combined with stabilization of condominiums, as evidenced by rising prices, in 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 increase in non-distressed sales, although a temporary situation, reflects the demand that exists for all types of local properties.”

Inventory Levels Continue to Fall
The inventory of residential listings in Broward County decreased 32 percent, from 20,075 to 13,408, in the last year and 0.4 percent since last month. Total housing inventory nationally fell 2.2 percent to million at the end of October compared to the previous month.

Distressed Properties
Short sales and foreclosures accounted for 48 percent, down 14 percent from October 2010 and one percent compared to the previous month, of total closed October 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 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.

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