The Broward County Housing Market saw gains in key statistical categories last month, helping reinforce the stability that has become a trademark of the market for more than a year. The total number of closed sales for existing single-family homes increased by 21.1% to 1,726 from 1,425 in June 2014 while the total number of closed sales for existing townhomes/condominiums increased by 5.3% to 1,575 from 1,496 last June, according to statistics released today by the Greater Fort Lauderdale Realtors® (GFLR), the largest professional Broward County-based association of licensed real estate brokers and sales associates.
The rising trend of median sale prices for both single-family homes and townhouses/condominiums continued in June from those numbers one year ago. The median sale price for single-family homes is up 8.1% (from $280,000 in June of 2014 to $302,750 in June of 2015), while townhomes/condominiums are up as well, an increase of 3.8% (from $130,000 to $135,000), respectively.
“Some of the key indicators continue trending in the right direction,” said John Castelli, GRI, e-PRO, SFR, president of the Greater Fort Lauderdale Realtors®. “Overall sale price continues to rise, plus we saw the median days on the market drop significantly within the single-family homes, lending credence to the notion that homes are selling faster than they were at this time last year.”
The number of new listings also continued to rise in June 2015, up 9.5% in single-family homes (2,394 to 2,622) and up 11.8% in townhouses/condominiums (2,293 to 2,563), increasing the months’ supply of inventory from 5.8 to 6.1 in its current state for townhomes/condominiums and down slightly from 4.9 to 4.7 for single-family homes during the past calendar year.
New pending sales for Broward County closely mirrored the closed sale totals, giving promise to the next month, rising by the tune of 16.7% in single-family homes (1,842 last June to 2,150 in June 2015) and 10.2% in townhomes/condominiums (1,691 last June, compared to 1,863 in June 2015).
The number of closed short sales for single-family homes is down 15% from June of last year (147 to 125); while the number closed foreclosure sales increased by 47.5% in the past year (200 to 295). The number of closed short sales for townhouses/condominiums is down 47.7% from June of last year (86 to 45); while the number closed foreclosure sales increased by 20.2% from June 2014 (257 to 309).