The November 2011 real estate numbers for Fort Lauderdale are in and it’s great news for the area!
The Miami Association of Realtors reported statewide November sales of single-family homes increased 11 percent to 12,993 and condos increased 2 percent to 5,590, as compared to November 2010. The same comparison for Broward County yielded single-family home sales increasing by 22 percent from 785 to 961. However, condo sales slipped a bit, decreasing by 1 percent from 1,115 to 1,089.
It’s not all bad news for condos in the area though. According to Terri Bersach, 2011 president of the Broward County Board of Governors of the Miami Association of Realtors, “Condominium prices in Broward County have risen consistently since January of this year [2011].” This is consistent with our recent blog Fort Lauderdale Condo Market Rebounding.
Here’s even more good news about the Fort Lauderdale real estate market, when comparing November 2010 and November 2011 data:
- Median and average sales price increased in Fort Lauderdale by 18 percent for single-family homes and 19 percent for condos.
- The statewide numbers aren’t as positive, the median sales price for single-family homes remained the same and condos increased 4 percent.
- Cash transactions represented 61 percent of closed sales in Broward County.
- The inventory of homes listed in Broward County decreased 40 percent.
- Short sales and foreclosures, also known as distressed properties, accounted for 48 percent of total closed sales in Broward County.
While real estate news for the country might be grim, popular destinations like Fort Lauderdale are reporting marked improvement. Whether you’re buying or selling a Fort Lauderdale luxury home, this is terrific news!
