Broward homes are selling more quickly and for levels closer to their asking prices.
In January, existing single-family homes fetched 93.4 percent of their listing price, up from 90.9 percent a year earlier. Condos and townhouses went for 93.8 percent of their asking price, an increase of 1.4 percent from a year earlier.
The median days on the market was 48 for a single-family home, down from 53 a year earlier, and 42 days for a condo or townhouse, down from 43 in January 2012.
“I’m seeing strength right across the board,” said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors and head of AAA Realty Group. Many Broward residences are fetching multiple offers, frequently above the asking price, he said.
A shortage of inventory is similarly driving the market throughout Florida and much of the nation.
One major factor: Many homeowners who might otherwise sell still have mortgages bigger than the value of their homes. They are sitting tight as prices steadily tick up but still remain far below their peak.
Statewide in Florida, sales of existing homes jumped 11.7 percent in January to 13,679 units from a year earlier, while condominium and townhouse sales totaled 6,670 units, a 2 percent increase year over year, according to the Florida Association of Realtors.
The median sales price for a single-family existing home across Florida rose 12.4 percent to $145,000 in January from a year earlier while the median price for condominiums and townhouses was up 18 percent year over year to $112,000, the Florida Realtors said.
In many cases, buyers are exhibiting a sense of urgency to lock in a deal, Realtors say.
“We’re turning the inventory faster,” said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors in Coral Gables. “People are anxious because prices are going up every month now.”
Compared with December 2012, the median price for a single-family home in Miami-Dade fell 9.4 percent in January and was off 4.9 percent for condos. And the level of total sales in Miami-Dade plunged 20 percent in January from December 2012 level, largely reflecting the seasonality of transactions, according to agents.