The median price of an existing single-family home in Broward County rose 26.3 percent to $242,500 in March from $192,000 in March 2012 while there continues to be rising demand for housing, as indicated by the 34.8 percent decline in the number of days on market for single-family homes, according to statistics released today by the Greater Fort Lauderdale Realtors® (GFLR), the largest professional Broward-based association of licensed real estate brokers and sales associates. The number of closed single-family home (SFH) sales increased 2 percent to 1,199 in March from 1,175 a year ago.
The median sales price of existing townhouse-condo increased year-over-year by 27.3 percent to $95,000 in March, up from $75,000 in March 2012.
“There continues to be a trend in the rising median home prices supported by growing demand for both single-family homes, condominiums and townhouses that are supported by declining housing inventory and fewer listings,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors®. “With the summer home buying season approaching, homebuyers can expect to see higher listing prices compared to last year, and less time on market for more desirable homes.”
The inventory (active listings) of existing SFHs for sale in Broward County declined 24.5 percent to 4,226, compared to 5,595 in March 2012. The inventory of existing townhouses and condominiums for sale in Broward County decreased 8.9 percent to 6,089 listings from 6,687 listings in March 2012.
New SFH for-sale listings decreased 5.3 percent to 1,948 SFHs compared to 2,056 listings in March 2012. New townhouse-condo listings decreased 4.5 percent to 2,317 SFHs compared to 2,427 listings in March 2012.
The number of months supply of existing SFH inventory for sale – an indication of the absorption rate based on home sale volume – was 3.5 months for SFHs in March, compared to a 5.2 months supply of inventory in March 2012, a decline of 31.8 percent. Condominium and townhouse inventory declined 10.7 percent to 4.4 months from five months in March 2012.
The ratio of the original list price to the actual sales price increased 5.1 percent year-over-year, with sellers receiving 95.6 percent of their asking price for existing SFHs in March, compared to 91.0 percent in March 2012. Owners of townhouse-condominiums received 93.7 percent of their asking price in March, up 2.7 percent from a year ago.
New pending sales, which are single-family homes, townhouses and condominiums under contract but have not yet closed, were down 4.0 percent in March to 1,897 SFHs from 1,977 in March 2012. Townhouse-condominiums pending sales declined 6.8 percent in March to 2,178, compared to 2,337 in March 2012.
Closed short sales for SFHs were down 7.5 percent in March to 272, compared to 294 a year ago. The median sales price of a short sale SFH in March was $173,000, compared to $143,750 a year ago, an increase of 20.3 percent. Closed foreclosure sales dropped 41.4 percent to 139 in March, compared to 237 in March 2012. The median sales price of SFH foreclosures increased 5 percent to $136,500 in March, compared to $130,000 a year ago.
Closed short sales for townhouses and condos were down 24.9 percent in March to 226, compared to 301 closed short sales a year ago. The median sales price of a short sale of townhomes and condos in March was $81,000, compared to $73,300 a year ago, an increase of 10.5 percent. Closed foreclosure sales dropped 20.5 percent to 237 in March, compared to 298 in March 2012, with the median price increasing 13.2 percent to $75,000 from a year ago.
Source: Greater Fort Lauderdale Real Estate Association