Greater Ft. Lauderdale Area Home Prices Rise 7% in Q1

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According to the Broward Council of the Miami Association of Realtors, Broward County sales of homes - including existing single-family homes and condominiums - increased seven percent, from 7,403 to 6,886, in the first quarter of 2012 compared to a year earlier.

Broward sales of existing single-family homes increased 4.4 percent in the first quarter compared to a year earlier.  The sales of existing condominiums dropped a 14 percent compared to the first quarter of 2011.

"Broward County continues to see strong sales activity, which has resulted in consistent price appreciation over the last few months, including the first quarter of this year," said Rick Burch, 2012 president of the Broward County Board of Governors of the Miami Association of Realtors.  "Broward County continues to attract both domestic and international buyers and investors, which will yield market strengthening long into the future."

Median and Average Sales Prices

The median sales price for single-family homes in Broward in the first quarter of 2012 was $180,000, a 16 percent increase compared to the first quarter of 2011.  The median sales price for condominiums was $75,000, a nine percent increase compared to a year earlier.

The average sales price of single-family homes was $253,620, a two percent increase compared to the first quarter of 2011.  The average sales price of condominiums in the first quarter was $121,435, a 13 percent increase compared to a year earlier.

Inventory Levels

Total housing inventory in Broward County decreased 29 percent year-over-year and 13 percent compared to the previous quarter.

"The performance of the Broward real estate market is very encouraging and unlike what we're seeing in most markets throughout the U.S.," said Ernesto Vega, president-elect of the Broward County Board of Governors of the Miami Association of Realtors. "Still, unnecessarily tight credit conditions are preventing some qualified buyers from purchasing homes in the area, a reality that is impeding even greater growth."