The Realtor® Association of Greater Fort Lauderdale, Inc. The Realtor® Association of Greater Fort Lauderdale, Inc.REALTOR® Association of Greater Fort Lauderdale March Survey Shows Average and Median Prices Continue to Post Double-Digit Year-
FORT LAUDERDALE, Fla. - (April 19, 2006) - In what may signal a lessening of Hurricane Wilma's impact on the South Florida real estate market, the REALTOR® Association of Greater Fort Lauderdale (RAGFL) reports the average and median prices of single family homes in Broward County rose during March, as did the number of sales.
Association researchers report 649 single family homes were sold in March, an increase of 34, or 6%, from February's 615 sales. Total dollar volume rose $26 million, or 9%, to $313.8 million from $287.8 million the previous month. However, those numbers were down from March 2005 when 958 single family homes were sold at a total volume of $401.5 million.
The median price of a Broward single family home in March stood at $375,000, a hike of $20,000 (6%) from February's $355,000, and a jump of more than $54,000, or 17%, over March 2005's figure of $320,875. Average prices rose 3% month-to-month and 15% for the year, to stand at $483,560, compared with $467,927 in February and $419,073 in March 2005.
The condominium-townhouse market, which had outperformed single family homes in February, was off slightly. Recorded condo-townhouse sales of 769 fell 1% from February's 774, while the median price of $205,000 dropped 5% from $215,000 and the average price of $257,831 was a decline of 1% from $261,460 last month. Year-to-year, the median price rose 19% from $172,000 and the average price climbed 14% from $225,914 in March 2005.
"Whether you see the market as a glass that's half full or one half-empty depends on your perspective," says Dori Longhini, CIPS, CRS, PMN, president of the REALTOR® Association of Greater Fort Lauderdale. "With available inventory still much higher than at this time last year, this is still a buyers' market but, as we saw last month, prices remain well ahead of last year's pace, too, so sellers have something to smile about as well. A Realtor can help you sort through the confusion."
The number of combined single-family and condo-townhouse sales rose 2% in March to 1,418 from 1,389 one month ago, while combined volume rose $22 million to $512.1 million, compared with $490.1 million in February. Compared with March 2005, the number of sales dropped 33% from 2,122 the previous year and total volume declined more than $152 million (23%) from $664.4 million, on the sale of 704 more homes overall.
The number of new listings for all property types in March dipped 8% to 7,852 from 8,574 in February, but that was an increase of 60% from March 2005 when 4,902 new listings were recorded. Despite the drop in new listings, the total number of available single family homes and condominium-townhouses in Broward County rose 11% to 18,679 from 16,825 in February. The figure marks a significant increase of 13,788, or 282%, compared to the total of 4,891 single family homes and condominium-townhouses on the market in March 2005.
The REALTOR® Association of Greater Fort Lauderdale, Inc. is one of the largest Realtor® Associations in Florida, representing more than 12,000 real estate agents in Broward County.
Note: The statistics contained are provided by the REALTOR® Association of Greater Fort Lauderdale, Inc. If these figures are used, please include a credit or mention of the Association in your report. (Statistics compiled in late March; additional sales for the month may be recorded that are not reflected here.)
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