Homes are Selling in Broward County– For the sixth consecutive month Broward County home prices increased in May. The median sales price of condominiums in increased 4.5 percent (22% in Dade) to $78.750 compared to a year earlier, according to the MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 9.5 percent to $205,500
“Broward home prices have experienced appreciation consistently over the last six months,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Strong demand for Broward properties continues to fuel this dramatic market strengthening that has yielded limited supply and will result in home prices increasing further.”
In May the average sales price for condominiums in Broward County increased 9% percent to $136,153 The average sales prices for single-family homes rose 9.1 percent to $283,584
Florida Statewide Home Prices
Statewide median sales prices in May increased 8.9 percent to $147,000 for single-family homes and 14.3 percent to $112,000 for condominiums, 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 $182,600 in May, a 7.9 percent increase from May 2011.
Fort Lauderdale Area Home Sales Rise in May
The sales of existing Single Family Homes in Broward increased 9.5 percent in May to 1251 units, compared to record sales levels in May 2011. Sales of condo’s fell -1.3% to 1517 units, compared to May 2011.
Statewide sales of existing single-family homes totaled 18,723 in May 2012, up 7.5 percent compared to a year ago. Statewide condominium sales totaled 9,995, up 5.4 percent from those sold in May 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 1.5 percent from April and were 9.6 percent higher than they were in May 2011, according to the National Association of Realtors (NAR).
“While international buyers continue to play a major role in boosting the South Florida real estate market, there is also great demand from local and migrating U.S. buyers,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Population drives real estate, and Florida, one of the fastest growing states, is set to surpass NY in population by 2020 to become the third most populous state in the nation.”
Months Supply of Inventory Sharply Declines
Over the last year, the inventory of residential listings in Broward County has dropped 33 percent .. Currently, there are 3-4 months of supply in Broward. Total housing inventory nationally decreased 0.4 percent at the end of May and was 20.4 percent below year-ago levels, which represents a 6.6-month supply at the current sales pace.
Distressed Sales Decrease
Strong demand for bank-owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In May, 38 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales.
International Buyers Fuel Cash Sales
In Broward County, 63 percent of total closed sales in May were all-cash sales, Cash sales accounted for 41 percent of single-family and 81 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales fell to 28 percent in May – from 29 percent
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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.