Real Estate News

Broward’s single-family, condo prices continued to climb in January

Getty Images

Prices for Broward single-family homes and condos continued to rise in January.

According to data released Tuesday by the Greater Fort Lauderdale Realtors, median sale prices for existing single-family homes, as well as townhouses and condominums, increased about 7 percent.

Median sales prices were up in January 2016 over the same month in 2015 across all categories — single-family homes, townhouses and condos. The average single-family home sold for $285,000, compared to $265,000 in January 2015, an increase of about 7.5 percent.

Prices of townhouses and condos also increased about 7 percent, from an average of $121,250 in January to $130,000 in January 2016.

The number of single-family homes sold also increased, by about 6 percent.

At the same time, the number of new listings for single-family homes shrank by 2.4 percent, dropping from 2,552 in January 2015 to 2,492 in January 2016. That brought the supply to around 4.3 months of inventory. A six-month supply is generally considered a normal level.

New listings of townhouses and condos grew up by 5.8 percent, going from 3,067 in January 2015 to 3,246 in January 2016, bringing total supply to 6.7 months of inventory.

Also down were short sales for single-family homes (from 98 to 80, down 18.4 percent) and foreclosure sales (from 204 to 193, down 5.4 percent.) For townhouses/condominiums, the number of short sales fell from 59 to 39 (33.9 percent), while the number of foreclosure sales dropped 40.4 percent, from 275 in January 2015 to 164 in January 2016.

According to the report, 3,246 townhouses and condos were available on the market in January, a 5.8-percent increase in new listings from January 2015. Single-family homes weren’t as plentiful, with 2.4 percent fewer in January than the previous year, from 2,552 to 2,492.

Miami-Dade numbers are due for release Wednesday.

Related stories from Miami Herald