Fort Lauderdale Real Estate Market looking up

Broward Real Estate Market Looking Up According to Realtor® Association of Greater Fort Lauderdale

FORT LAUDERDALE, Fla. – (January 23, 2007) –  The Greater Fort Lauderdale REALTOR® Association announced the recent real estate statistics from Broward County show signs of strengthening. The positive signs showed up in December when the sales of condo-townhomes increased two percent after a drop in the months of October and November of 2006. In November only 585 condo townhomes were sold, but in December that number rose to 594. The amount of homes sold was not the only thing that increased in December as the average home prices increased from $242,931 to $248,072. That is an increase of more than $5000 and more than a 5% increase from the previous year’s average price of $236,050.  The one thing that did not show a significant change was the median sales price for condo-townhouses. November’s median price was $200,000 and in December it was $199,750.

It appears as if the Fort Lauderdale real estate market is returning to normal and prices are reflecting the typical market for the area, which warrants a sigh of relief for many sellers. And, while numbers aren’t up significantly they are beginning an upward trend and that is good enough.

In December 2005, there were 593 single family homes sold and this increased 1% in December 2006, with 599 single family homes sold. However, home sales decreased from 668 in November to 599, but the average selling price increased an amazing 7%. November saw an average selling price of $422,695 and this increased to $450,550 in December. The median selling price did decrease 1% from November and ended up at $350,000, only $2500 less than a month before.

The inventory of single family homes decreased as well from 10,794 to 10,670, just a 1% drop. However, a major decrease in the amount of new listings for condo-townhomes and single family homes by 15% and 19% respectively. The inventory for condo-townhones did go up a bit though in December with the inventory resting at 14,704 from 14,408 in November. The stabling of prices and the decreasing inventory works out well for both buyers and sellers.

Researchers for the Association reported that approximately 40% of the homes were on the market for four months or more, but one quarter of December’s home sales closed in 30 days.

Note: The statistics contained are provided by the REALTOR® Association of Greater Fort Lauderdale, Inc.

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