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February 11, 2014

Broward existing home and condo prices rose sharply in 2013

The median price for an existing single-family home in Broward rose 23.8 percent in 2013 while condo prices jumped 25.9 percent year over year, Greater Fort Lauderdale Realtors said. Experts see more moderate gains in 2014.

The year 2013 marked impressive gains in median prices for houses and condos in Broward County, but 2014 isn’t expected to keep pace.

The median price of a single-family home in Broward jumped 23.8 percent to $257,500 from $208,000 a year earlier, while the median condo price rose 25.9 percent to $107,000 from $85,000 for 2012, according to the Greater Fort Lauderdale Realtors.

Sales of single-family homes in Broward rose 6.4 percent in 2013 from a year earlier, while condo sales jumped 2.4 percent year over year.

The remarkable housing recovery is expected to moderate during 2014, experts say, amid higher home prices and rising interest rates.

During the fourth quarter of 2013, Broward single-family home sales dipped 1.5 percent to 3,590 closings, compared with 3,643 a year earlier and condo sales fell 2.5 percent to 3,914 closings from 4,016 a year earlier.

For the fourth quarter of 2013, the median price of a single-family home in Broward was up 23.3 percent to $270,000 from $219,000 in the fourth quarter of 2012. The median condo price gained 28.6 percent to $118,000 from $91,750 in the year-earlier period, Greater Fort Lauderdale Realtors said.

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