Greater Ft. Lauderdale Area Home Prices Spike 18% in November Over Last Year

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(MIAMI, FL) -- According to the Broward Council of the Miami Association of Realtors, single-family home sales increased 22 percent from 785 in November 2010 to 961 last month. Condominium sales decreased one percent from 1,115 to 1,089.

Statewide sales increased 11 percent to 12,993 for single-family homes and two percent to 5,590 for condominiums compared to November 2010.  Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose four percent from the previous month and were 12.2 percent above November 2010, according to the National Association of Realtors (NAR).

"Condominium prices in Broward County have risen consistently since January of this year, a very important sign of market strengthening," said Terri Bersach, 2011 president of the Broward County Board of Governors of the Miami Association of Realtors.  "Strong demand resulting in limited supply should yield continued market strengthening in 2012."

Cash Transactions

In November, 61 percent of closed sales in Broward County were cash transactions, a one percent increase compared to the previous month.  Cash sales accounted for 40 percent of single-family and 79 percent of condominium closings. Nationally, all-cash sales accounted for 28 percent of transactions, reflecting the stronger presence of international buyers in the Miami real estate market.

Median and Average Sales Price Increase

Compared to November 2010, the median sales price in the Fort Lauderdale Metropolitan Statistical Area (MSA) for condominiums rose a significant 19 percent to $75,700.  The median sales price for single-family homes increased 18 percent to $195,600.

The average sales price for single-family homes rose 4.5 percent to $269,819 last month compared to $258,286 in November 2010.  The average sales prices for condominiums increased 3.1 percent, from $114,144 to $117,651.

Statewide median sales prices remained the same at $130,100 for single-family homes and increased four percent to $86,700 for condominiums.  The national median existing-home price for all housing types was $164,200 in November, down 3.5 percent from November 2010.

"International buyers continue to play a major role in boosting the Broward County real estate market," said Natascha Tello, president-elect of the Broward County Board of Governors of the Miami Association of Realtors.  "Demand from both international and domestic buyers has resulted in rapid absorption of excess inventory and home value appreciation, which is expected to continue long into the future."

Inventory Levels Continue to Fall

The inventory of residential listings in Broward County decreased 40 percent, from 20,166 to 13,319, in the last year and 1.3 percent since last month.  Total housing inventory nationally fell 5.8 percent to 2.58 million at the end of November compared to the previous month.

Distressed Properties

Short sales and foreclosures accounted for 48 percent of total Broward closed sales in November, down three percent from November 2010 but remained the same compared to the previous month.