Industry News

South Florida real estate sales cool

April inventory spikes 300% from a year ago

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South Florida's Broward County residential real estate market shifted in favor of buyers last month, as huge inventory gains slowed sales significantly, according to statistics provided by the Realtor Association of Greater Fort Lauderdale. Association researchers reported 8,838 single-family homes available in April, up 280 percent from April 2005 when 2,327 homes were on the market. The condominium-townhouse inventory soared 361 percent during the last year, with 11,490 units on the market last month compared with 2,492 units a year ago. Single-family home sales totaled 746 in April, down 31.7 percent from April 2005 when 1,093 homes were sold. Condominium-townhouse sales fell by 30 percent during the same period, from 1,321 units a year ago to 923 last month. The median sales price for single-family homes rose to $354,300 in April, up 4 percent from the year-ago price of $340,000. For the condominium-townhouse segment, the median sales price gained 18 percent f...