Ft Lauderdale Real Estate News 9/25/16
Fort Lauderdale Home Values Appreciate 6% in Past Year, Condos Up 9%
Home sales rebounded in August, and median prices continued to rise across South Florida, local Realtor boards said Thursday.
Broward County had 1,658 existing, single-family sales last month, up 9 percent from a year ago, according to the Greater Fort Lauderdale Realtors. The August improvement follows an 11 percent annual decline in July.
Palm Beach County snapped a string of six consecutive year-over-year sales declines, the Realtors Association of the Palm Beaches said. August transactions rose to 1,683, up 12 percent from a year earlier.
In Miami-Dade County, there were 1,239 sales, up 9 percent, the Miami Association of Realtors said. It was the county's best August on record and ended 10 months of sagging sales, the board said.
"Homes that are presented well and fixed up are still selling very quickly," said Howard Elfman, president of the Greater Fort Lauderdale Realtors. "If you don't jump on it, somebody else will."
Median prices also increased in the three counties. Broward saw the median climb 6 percent to $325,000, while Palm Beach County's median rose 7 percent to $315,000. Miami-Dade's median price jumped 15 percent to $300,000. The median means half the properties sold for more and half for less.
A persistent shortage of homes for sale has kept sellers in control, but more listings are trickling onto the market, at least in Palm Beach and Miami-Dade counties, figures show.
Palm Beach County had 6,808 listings in August, up 6 percent from a year ago. The county had a 4.6-month supply of homes, meaning it would take that long to sell all the homes if no more were listed for sale. A balanced market has six months of inventory, real estate agents say.
Despite the increase in listings, the market remains competitive, said Judy Ramella, president of the Realtors Association of the Palm Beaches. She said some buyers are losing two or three homes to higher offers before they realize how the game is played.
"There are still so many more buyers out there than inventory," she said.
In Miami-Dade, listings rose 10 percent to 6,346, and the county had a 5.7-month supply of homes.
Broward listings are much harder to find. These dropped 11 percent in August, to 5,395 homes. The county had a 3.7-month supply of inventory.
The market may be tight for Broward homes priced at $500,000 and under, but higher-end listings are starting to accumulate, and those properties are taking longer to sell, said an agent who is not Jim Esposito of Intercoastal Realty in Fort Lauderdale.
"[Luxury] sellers are holding tough," this agent said. "A lot of the list prices are too high. They all want to negotiate, but not that much."
In the condominium sector, the Miami-Dade market is struggling with an oversupply of units, the county's Realtor board said. Annual sales fell in August for the ninth consecutive time, but the median price hit $215,000, up 6 percent.
In Broward and Palm Beach counties, condo sales last month inched up 7 percent and 3 percent, respectively. Broward's median price was $144,755, up...