Ft Lauderdale Real Estate News 5/23/17
Median Price for Condos in Fort Lauderdale Showing 10% Annual Appreciation
The median sales price for an existing single-family home in the state of Florida rose to $234,900, appreciating 10.3% over the course of the 12-month period ending in April, 2017 according to the latest real estate statistics released by the research department of the Florida Association of Realtors. Through that period the statewide median price for condo, co-op and townhome properties increased 7.2% to $172,000. April marked the 65th consecutive month the median price for both housing sectors reported year-over-year appreciation.
Tight inventory of properties on the market remains the prevailing trend in Florida real estate, resulting in a slight drop in total sales of single-family homes, which totaled 23,829 in April of 2017, a decrease of 1.2% when compared to April, 2016.
These stats are compiled by the Florida Association of Realtors from MLS data supplied by local realtor boards and associations. Median price represents the midpoint: half the homes sold for more, half for less.
Florida Realtors President Maria Wells is quoted as saying: "It puts consumers in a position where they have to be prepared and ready to buy, as many Realtors around the state report seeing more instances of multiple offers. And without more for-sale homes median prices will continue to rise due to demand. In April, sellers of existing single-family homes received (a median percentage of)96.2% of their original listing price, while those selling townhouse and condominium properties received 94.7% – an indication the listed price is extremely close to market value.
"Working with a local Realtor enables consumers to have the advice of an expert in their local housing market – someone who can guide them through their home search and help them find the right home that fits their budget and their lifestyle."
As usual property appreciation in Florida significantly out-performed the U.S. average. According to the latest report from the National Association of Realtors (NAR), the median sales price for existing single-family homes in April 2017 was $246,100, representing an annual increase of...