Monday, May 29, 2017

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 ramains 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 6.1% on sales which decreased 2.4% to a seasonally adjusted annual rate of 4,950,000. Median price for existing condos was $234,600, a 5.6% rise over the previous annum.

Focusing on FortLauderdale and the surrounding neighborhoods, the median price for an existing single family home in Broward County appreciated 6.5% over the last year, while the median price for condos and townhomes increased 10.0%

Other stats reported show closed sales of single-family homes declined in 14 of Florida's 22 metro areas compared to the previous April, and dropped 1.2% statewide.

"There is no indication demand is falling off," said Dr. Brad O'Connor, the Florida Realtors Chief Economist. "Rather, all signs continue to point to a market being held back by a shortage of homes for sale. As of the end of April, the statewide inventory of single-family homes for sale was down nearly 5% compared to where it was a year ago.

"Additionally, single-family homes which did sell in April were snapped up as quickly as in any month in recent years. According to Florida Realtors median-time-to-sale metric, half the single-family homes selling in April of last year went from listing to close in 90 days or less, but this April, that figure declined to 85 days or less – a 5.6% drop."

O'Connor also noted condominium and townhome market has been relatively more balanced than the single-family market from a statewide perspective, but local markets experience more variance in their condo and townhouse inventory levels.

April's inventory remained constricted with a 4-months' supply for single-family homes and a 6.1-months' supply for townhome and condominium, according to Florida Realtors.

Meanwhile the interest rate for a 30-year fixed-rate mortgage averaged 4.05% in April of 2017 according to Freddie Mac, a fairly significan increase from the 3.61% average reported during the same month the previous year.

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