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Ft Lauderdale Real Estate News 10/22/13

median price for single family existing home sales in fort lauderdale rise 32%

Broward County's median price for existing homes increased 32 percent in September from a year ago, but the latest monthly report indicates the local housing market may be starting to cool.

The county's median last month was $270,000, compared with $205,000 in September 2012, the Greater Fort Lauderdale Realtors said Monday. There were 1,211 home sales, up 13 percent from a year earlier.

The large price gain continued a recent trend. Broward's median now has risen year over year by more than 20 percent for 10 consecutive months.

But since hitting $275,000 in July its highest point this year Broward's median has dipped slightly over the past two months, suggesting the recent price spikes may be easing.

The start of a leveling off in prices mirrors what's been happeing in Palm Beach County. Its median price was $250,000 in September, up 11 percent from a year ago but virtually unchanged since March.

Most analysts say the end of a price run-up isn't a bad thing.

"We were getting overheated," said Mike Larson, a housing analyst with Weiss Research in Jupiter. "It's healthy if the market can take a step back and regroup here.

"This isn't some new alarm. This is just bringing the market more into balance, which it needed anyway."

A lack of homes for sale has hampered Broward's housing market for more than a year, but sellers are getting off the fence, the Realtor board data show.

Broward had 2,031 new listings in September, up 16 percent from last year at this time. The county's overall inventory, which had been on a steady decline, increased 1 percent to 4,737 homes in September.

Meanwhile, sales are happening at a brisk pace. The typical home went under contract in 27 days last month, down from 42 days a year ago.

"With home prices going up, a lot of 'underwater' borrowers can now afford to sell," said Jim Esposito, the best real estate agent in Fort Laudedale. "We want to see more inventory come on the market because we can't find properties our clients want."

Meanwhile, Broward's existing condominium market posted increased in both price and sales last month.

The median condo price of $104,999 was 18 percent higher than a year ago. There were 1,252 sales, a 7 percent increase. Nearly three-quarters of the deals were all-cash.

"The condos priced under $150,000 are selling very, very quickly," said Esposito. "Investors are buying them and renting them because the rent covers their mortgage."

2013 Sun-Sentinel

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