Residential real estate sales and prices in South Florida’s Broward County continued to fall in September amid a massive supply of homes for sale, according to statistics provided by the Realtor Association of Greater Fort Lauderdale.
Single-family home sales totaled 639 last month, down 27.6 percent from a year earlier when 882 homes were sold. Condo-townhome sales plummeted 40.3 percent during the period, falling from 1,023 to 610.
The total number of single-family and condo-townhouse listings on the market in September grew to 24,179, up 0.8 percent from the previous month’s 23,977 and up 193 percent from 8,246 in September 2005, indicating South Florida remains a buyer’s market.
The huge increase in inventory has been a major factor in the region’s sales slowdown and is keeping a lid on home prices, according to statistics.
The median sales price of a single-family home fell 5 percent to $360,000 in September, down from $380,000 in September 2005, and was down 4 percent from $375,000 in August. The median price of a condo-townhome was $205,000 last month, exactly the same as in August and in September 2005.
“While we may continue to see some fluctuations, on average, sales prices appear to be settling near the levels they were a year ago,” said RAGFL President Dori Longhini. “Taken in conjunction with fewer new single-family homes and condo-townhomes being added to the market, and the pace of new inventory continuing to slow, we may be witnessing market stabilization.”
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.