Median sale price for Broward County single-family homes on the rise

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A significant rise in median sale price for both single-family homes, up 10.7% from $242,500 to $268,500, and townhouses/condominiums, up 25.7% from $95,500 to 120,000, show a continued rise from last March, according to statistics released today by the Greater Fort Lauderdale Realtors® (GFLR), the largest professional Broward County-based association of licensed real estate brokers and sales associates.

The number of new listings continued to rise across the board, up 24.2% in single-family homes (1,948 to 2,419) and up 17.5% in townhouses/condominiums (2,317 to 2,723), bringing the months supply of inventory from 4.4 to 5.7 in its current state for townhomes/condominiums and from 3.5 to 4.5 for single-family homes. Those numbers represent an increase of 29.6% and 27.5%, respectively.

“We should all be very encouraged by these latest numbers. People are finding a renewed confidence in the market, both buyers and sellers, as you can see an increased number of listings as well as an increased median sale price for all those in our community,” said Marnie E. Allen, e-PRO, GRI, president of the Greater Fort Lauderdale Realtors®.

The number of closed short sales for single-family homes (SFH) is down 53.7% from March of last year (272 to 126); while the number closed foreclosure sales increased 5.8% in the past year (139 to 147). The number of closed short sales for townhouses/condominiums is down 65.5% percent from March of last year (226 to 78); while the number closed foreclosure sales also decreased 5.1% percent in the past year (237 to 225).

The total number of closed sales for existing single-family homes increased slightly at 0.9% to 1,210 from 1,199 in March of last year. The total number of closed sales for existing townhomes/condominiums decreased slightly at 4.5% down to 1,432 from 1,499 in March 2013. Cash sales for single-family homes increased 3.7% from 491 to 509, while cash sales for townhomes/condominiums dipped 10.5% to 1,098 this from 1,227 in March 2013.

Picture of Author: Amanda Jones
Author: Amanda Jones

Amanda Jones specializes in social media marketing. She holds a Master's degree in Social Media Management from the University of Florida and a Social Media Professional Certificate from the University of Miami.


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