If you are a Broward County resident who is familiar with our previous posts, then you know that the residential real estate market in South Florida is getting pretty hot compared to recent years. Many previous posts have noted how the overall negative real estate malaise that is affecting most of the country is turning a bit brighter when it comes to places like Miami-Dade, Palm Beach and Broward. As it turns out, the trend appears to be continuing.
The numbers out from the first quarter of 2012 indicate that sales of existing single-family homes and condominiums are up again in the area, this time approximately 7 percent. It seems that Broward County is drawing buyers from all over, including internationally.
Logically, the increase in the number of sales is accompanied by an increase in the selling price. Median sales prices for existing single-family homes increased 16 percent from the same quarter in 2011 to approximately $180,000. The median sales prices for condominiums were up approximately 9 percent to about $75,000.
Inventory of homes and condominiums is continuing to thin out as well, as the total inventory in Broward County dropped 29 percent from the same quarter last year, and 13 percent from the fourth quarter of 2011.
Anyone who is currently thinking of jumping into the real estate market in South Florida should be encouraged by these numbers. Our area appears to be on the upswing from the problems that most other regions in the nation are still in the depths of. Buyers and sellers who are eager to get the best contract terms in their real estate agreements will want to be aware of all the options for closing the best deals possible.
Source: World Property Channel, "Greater Ft. Lauderdale Area Home Prices Rise 7% in Q1," Michael Gerrity, May 14, 2012.