Broward County Real Estate Prices Continue Growth
Broward County Real Estate Prices Continue Growth
As the supply of homes on the market in Palm Beach and Broward Counties continues to diminish, the median price of residential housing is gaining momentum as demand for traditional and Palm Beach short sales is on the rise.
According to a report issued by the Greater Fort Lauderdale Realtors, the median price of an existing single-family home in Broward County increased by 10.2% year-over year. This recent housing report revealed that the median sales price of single-family homes in Broward County was $205,000 in September, in comparison to $186,000 one a year earlier.
“The median price of Broward County residential housing continues to strengthen as the supply of available housing continues to decrease from a year ago,” said Stephen B. McWilliam, president of the Greater Fort Lauderdale Realtors. “There’s a strong support base for home prices now compared a year ago – the number of months supply of inventory is lower and sellers are still receiving most of their asking price.”
The inventory of single family homes in the region dropped by a dramatic 48.7%, and the inventory of new homes for sale followed a similar trend, dropping by 1.6% since September 2011. Construction jobs are adding strength to the local economy as developers work to provide new housing options; however, the demand is still likely to outpace the supply until prices surge even higher, according to some local real estate experts.
The lack of distressed properties on the market is making a significant impact on the overall shortage in South Florida. According to the Greater Fort Lauderdale Realtors, closed short sales decreased by 6.8% in September, and closed foreclosure sales dropped 22.9% in the same month. This means that while more home owners are able to retain ownership of their properties, the shortage is not going to be alleviated by an influx of distressed properties since they also are becoming more scarce.
If you'd like more information on Palm Beach short sales or local real estate trends, please don't hesitate to give us a call. We'd love to help you determine what Palm Beach real estate is going to be the best fit for you and your loved ones.
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