Greater Ft. Lauderdale Home Prices Continue to Rise, Aided by International Cash Buyers

---

According to the Miami Association of Realtors, the median sales price of single-family homes in Greater Ft. Lauderdale area (Broward County) was $180,000, up eight percent compared to February 2011. The median sales price for condominiums increased 12 percent to $75,000 compared to a year prior. Broward County condominium prices have increased 13 out of the last 14 months.

The average sales price for total single-family homes increased 3.1 percent, from $244,139 to $251,757. The average sales prices for condominiums rose 15.7 percent, from $105,246 in February 2011 to $121,759 last month.

"As housing inventory in Broward County continues to decline, home prices are rising on a consistent basis, which points to further strengthening and stabilization in the Broward real estate market," said Rick Burch, 2012 president of the Broward County Board of Governors of the Miami Association of Realtors. "The remarkable recovery of the South Florida housing market benefits the local community and will boost our improving economy."

Statewide median sales prices in February increased 15.9 percent to $95,000 for condominiums and 7.2 percent to $135,000 for single-family homes, 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 $156,000 in February, a 0.3 percent increase from February 2011.

Broward Housing Inventory Declines 33 Percent

From February 2011, the inventory of residential listings in Broward County has decreased 33 percent from 18,826 to 12,483 in February 2012. Compared to the previous month, the total inventory of homes dropped four percent. Total housing inventory nationally rose 4.3 percent at the end of February.

"New residents, vacation, second home and international buyers continue to be attracted to Broward County and all that it offers," said Ernesto Vega, president-elect of the Broward County Board of Governors of the Miami Association of Realtors. "Despite the decline in available inventory and rising prices, there is evident demand for properties throughout Broward County."

In Broward County, single-family home sales increased .44 percent, from 909 in February 2011 to 913 last month.  Condominium sales dropped nine percent in February compared to a year earlier, from 1,357 to 1,238.

Statewide sales of existing single-family homes totaled 14,270 in February 2012, down 4.8 percent compared to a year ago. Statewide condominium sales totaled 7,545, down 16 percent from those sold in February 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 0.9 percent from January but were 8.8 percent higher than they were in February 2011, according to the National Association of Realtors (NAR).

Distressed Properties

In February, 48 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in February 2011 and 49 percent the previous month.  Contrary to a year ago, there are now more short sales being transacted than REOs.

International Buyers Fuel Cash Sales

In February, cash sales accounted for 68 percent of all residential sales, 47 percent of single-family and 84 percent of condominium closings, in Broward County. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales were 33 percent in February, reflecting the stronger presence of international buyers in the South Florida real estate market.