Real Estate News

Home sales fall but prices rise in Broward County

In Broward County, median home sale prices increased and inventory on the market decreased in February, according to monthly statistics released Wednesday.

But single-family home sales dropped 15.9 percent – a significant slowdown – from 1,175 a year ago to 998 in February, according to the report released Wednesday by the Greater Fort Lauderdale Realtors association. Condo sales held up, with 1,171 sold in February, ticking up from 1,150 a year ago.

Median sale prices for townhouses and condos rose to $147,750, up from $136,500 a year ago, an increase of 8.2 percent. Median sale prices for single-family homes rose to $302,500, up from $299,000 a year ago, an increase of 1.2 percent, the report showed.

But there is less on the market to choose from in Broward County. The number of new listings for townhouses and condos decreased by a significant 20.3 percent. Pending inventory decreased by 7.1 percent and active listings decreased by 7.8 percent. Months supply of inventory stood at 6.4, down from 6.9 a year ago, a decrease of 7.2 percent, the report said.

New pending sales decreased for single-family homes by 14.1 percent. New listings decreased by 13.1 percent, while pending inventory decreased by 16.4 percent. Active listings decreased by 8 percent. Months supply of inventory now stands at 3.9, down from 4.2. That’s a decrease of 7.1 percent from a year ago and puts single-family homes solidly in the seller’s market category.

Continuing the trend of the last few months, there was a significant decrease in short sales and foreclosures for both single-family and condos.

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