Greater Ft. Lauderdale Area Reported 5% Increase in Home Prices in Q4

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According to the Broward Council of the Miami Association of Realtors, sales of Broward County homes - including existing single-family homes and condominiums - increased six percent, from 6,225 to 6,572, in the fourth quarter of 2011 compared to a year earlier.

Broward sales of existing single-family homes increased 15 percent in the fourth quarter of 2011 compared to a year earlier.  The sales of existing condominiums dropped a negligible one percent compared to the fourth quarter of 2010.  Statewide sales of single-family homes increased seven percent while sales of condominiums increased four percent.

"The Broward County real estate market had a very strong year in 2011, as heightened demand caused housing inventory to decline sharply," said Rick Burch, 2012 president of the Broward County Board of Governors of the Miami Association of Realtors.  "Now, as expected, limited housing supply is resulting in notable price appreciation, which is currently rare in most markets throughout the U.S."

Median Sales Prices

The median sales price for single-family homes in Broward in the fourth quarter of 2011 was $188,900, a five percent increase compared to the fourth quarter of 2010.  The median sales price for condominiums was $77,300, an 11 percent increase compared to a year earlier. Statewide, median sales prices dropped one percent to $132,000 for single-family homes and rose five percent to $88,800 for condominiums.

Inventory Levels

Total housing inventory in Broward County has decreased 33 percent from a year ago and 1.2 percent from the previous quarter.

"The Broward real estate market attracts both U.S. and international buyers due to the great year-round weather, affordability, ocean proximity, and exciting lifestyle South Florida has to offer," said Ernesto Vega, president-elect of the Broward County Board of Governors of the Miami Association of Realtors. "Continued demand for Broward properties is resulting in limited housing supply and further price appreciation."