Ft. Lauderdale MSA Home Sales Enjoy 8.7% Uptick in January; Inventory Continues to Drop

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(MIAMI, FL) -- Today the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS) reported that Broward County, Florida condominium sales increased 17 percent from 1,192 last month compared to 1,233 in January 2010; and a 132 percent increase as compared to January 2009.

Single-family home sales increased 8.7 percent in January and were 60 percent higher than they were two years ago.

Statewide sales increased 36 percent to 6,681 for condominiums and 14 percent for single-family homes to 12,151.   Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 2.7 percent from December but were 2.3 percent above January 2010, according to the National Association of Realtors (NAR).

"Current statistics, which include expanded data to reflect all sales in Broward County, point to the strength of our real estate market," said Terri Bersach, 2011 president of the Broward County Board of Governors of the Miami Association of Realtors.  "We always knew the statistics reported did not reflect the reality of the market and it is important that now all sales from all associations are now being reported in the Fort Lauderdale MSA."

Median and Average Sales Price

The median sales price of condominiums in the Fort Lauderdale Metropolitan Statistical Area (MSA) increased two percent to $68,900 compared to January 2010.  The median sales price for single-family homes was $165,100, down five percent from a year prior.

The average sales price for single-family homes increased 10.9 percent, from $227,846 in January 2010 to $252,583 last month.  The average sales prices for condominiums dropped 9.6 percent, from $118,353 to $106, 957.

Statewide median sales prices decreased 18 percent to $79,400 for condominiums and 7 percent to $122,200 for single-family homes.  The national median existing-home price for all housing types was $158,800 in January, a 3.7 percent drop from January 2010.

Inventory Levels Decrease Again

The inventory of residential listings in Broward County decreased 11.2 percent from 21,189 to 18,826 since February 2010, according to the SEFMLS.  Compared to last month, the total inventory of homes decreased 5.4 percent.  Total housing inventory nationally fell 5.1 percent at the end of January.

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