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Broward County Home Prices Continue to Strengthen

Rick Burch, president of the Broward Council of the MIAMI Association of REALTORS
Rick Burch, president of the Broward Council of the MIAMI Association of REALTORS

In February, the median sales price of single-family homes in Broward County was $180,000, up eight percent compared to February 2011, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The median sales price for condominiums increased 12 percent to $75,000 compared to a year prior. Broward County condominium prices have increased 13 out of the last 14 months.

The average sales price for total single-family homes increased 3.1 percent, from $244,139 to $251,757. The average sales prices for condominiums rose 15.7 percent, from $105,246 in February 2011 to $121,759 last month.

“As housing inventory in Broward County continues to decline, home prices are rising on a consistent basis, which points to further strengthening and stabilization in the Broward real estate market,” said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “The remarkable recovery of the South Florida housing market benefits the local community and will boost our improving economy.”

Statewide median sales prices in February increased 15.9 percent to $95,000 for condominiums and 7.2 percent to $135,000 for single-family homes, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $156,000 in February, a 0.3 percent increase from February 2011.

Broward Housing Inventory Declines 33 Percent
From February 2011, the inventory of residential listings in Broward County has decreased 33 percent from 18,826 to 12,483 in February 2012. Compared to the previous month, the total inventory of homes dropped four percent. Total housing inventory nationally fell ?? percent at the end of February.

“New residents, vacation, second home and international buyers continue to be attracted to Broward County and all that it offers,” said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Despite the decline in available inventory and rising prices, there is evident demand for properties throughout Broward County.”

In Broward County, single-family home sales increased .44 percent, from 909 in February 2011 to 913 last month. Condominium sales dropped nine percent in February compared to a year earlier, from 1,357 to 1,238.

Statewide sales of existing single-family homes totaled 14,270 in February 2012, down 4.8 percent compared to a year ago. Statewide condominium sales totaled 7,545, down 16 percent from those sold in February 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 0.9 percent from January but were 8.8 percent higher than they were in February 2011, according to the National Association of Realtors (NAR).

Distressed Properties
In February, 48 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in February 2011 and 49 percent the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

International Buyers Fuel Cash Sales
In February, cash sales accounted for 68 percent of all residential sales, 47 percent of single-family and 84 percent of condominium closings, in Broward County. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales were 33 percent in February, reflecting the stronger presence of international buyers in the South Florida real estate market.

Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system.

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 26,000 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 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.

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