The median price of an existing single-family home in Broward County jumped 24.5 percent to $224,088 in January from a year earlier, according to the Greater Fort Lauderdale Realtors.
The median price of a condominium or townhouse in Broward increased 26.5 percent to $94,900 in January from a year earlier.
Sales of single-family-home in Broward increased 15.3 percent in January to 1,033 from a year earlier, while closings on townhouses and condos increased 10.7 percent year over year, the Realtors group said.
Extremely tight inventory continues to shape the market. The number of single family homes available for sale on the multi-listings service plunged 26.5 percent in January to 4,510 from a year earlier. The number of available listings of condos and townhouses on the market was down 11.2 percent year over year to 6,407 units in Broward in January, the group said.
The months of supply of existing single-family homes fell to 3.8 months, while the inventory of condos and townhouses shrank to 4.7 months. A six-month to nine-month supply is considered a balanced market between buyers and sellers, while a lower level favors sellers, helping fuel price increases, Realtors say.
Broward homes are selling more quickly and for levels closer to their asking prices in Broward. In January, existing single-family homes fetched 93.4 percent of their listing price, up from 90.9 percent a year earlier. Condos and townhouses went for 93.8 perenct of their asking price, an increase of 1.4 percent from a year earlier.
The median days on the market was 48 for a single-family home, down from 53 a year earlier, and 42 days for a condo or townhouse, down from 43 in January 2012.
“I’m seeing strength right across the board,’’ said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors and head of AAA Realty Group. Many Broward residences are fetching multiple offers, frequently above the asking price, he said.
Broward’s existing home sales, prices rose again in January
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Broward’s existing home sales, prices rose again in January
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Broward’s existing home sales, prices rose again in January
