Home Sales, Florida Mortgage Activity Back to Normal in Broward
That sigh of relief you hear is emanating from owners in the Broward housing market. How come?
Because year-over-year median sales prices fell for single-family homes, but rose for condo-townhomes, in the region in December.
The Realtor Association of Greater Fort Lauderdale said the median sales price for single-family homes was $350,000, down from $379,900 in December 2005 and from $352,500 in November. Such drops have at least led to increase Florida mortgage activity.
For a condo-townhome, the median price increased to $199,750 in December from $194,950 in December 2005. In November, the median was $200,000.
“Overall, the market appears to be returning to reality,” RAGFL President Christine Hansen said. “[Florida home prices] are stabilizing and resemble figures from what we would consider ‘typical’ markets, which is a positive sign.”
The number of single-family homes sold in the county during December came in at 599, up from 593 sold during the same month in 2005, but down from 668 in November.
The number of condo-townhome sales, hit 594 in December, down from 756 in the same month the year before, but up from 585 in November. There was a boost in mortgage loans used on these residences.
“The data tells me that homes are reasonably priced, being marketed effectively and are selling well,” Hansen said.
Available inventory for single-family homes rose significantly over the year - to 10,679 from 5,465 - but declined from 10,794 in November. Total available inventory for condo-townhomes rose for both periods - to 14,704 from 6,968 the year before and from 14,408 in November.
The number of new listings for single-family homes dropped 19 percent, while new listings for condo-townhomes fell 15 percent.
“When fewer homes are being put up for sale and prices become relatively stable, the market can prove beneficial for both buyers and sellers,” Hansen said.
RAGFL researchers said nearly one-quarter of all sales in December were closed in 30 days. However, more than 40 percent of sold homes were on the market for at least four months. This is still a high amount - and shows that home purchase loan applicants are still in control.