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Wednesday, August 21, 2013

Broward existing home sales and prices rose by double digits in July

South Florida’s housing market keeps on sizzling.

The median price of a single-family home in Broward County jumped 27.9 percent to $275,000 in July from $215,000 a year earlier, according to the Greater Fort Lauderdale Realtors.

Sales of single-family homes in Broward County rose 12.9 percent to 1,475 closings in July from 1,307 a year earlier, the Realtors group said. Single-family sales were also up 8.7 percent over June, which included 1,356 closings.

The median price of a Broward condo rose 29.2 percent in July to $108,500 from $84,000 a year earlier, Greater Fort Lauderdale Realtors said. Broward condo sales rose 12.6 percent in July, to 1,525 closings from 1,354 a year earlier and were flat compared with June’s 1,355 closings.

The inventory of single-family homes on the Multiple Listing Service fell 10.3 percent in July to 4,297 while condo listings declined 7.1 percent to 5,985, Greater Fort Lauderdale Realtors said.

Broward had just 3.5 months of supply of single-family homes listed for sale in July, meaning 3.5 times the volume of transactions closed that month, down from 4.3 months of supply a year earlier. Broward had 4.3 months of supply of condominiums, compared with 4.8 months last year.

That signals a very tight market, where sellers can call the shots. Market watchers consider six months of inventory to be a balanced market between buyers and sellers. When inventory is less than that, prices typically rise consistently.

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The tight market also is reflected by how fast properties are snapped up. In Broward, the median time period to sell a single-family home dropped to 36 days in July from 38 days a year earlier, while condos went under contract at a median of 25 days, down from 42 days a year earlier.

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