The Real Deal Miami

Broward County single-family, condo prices rise 17 percent

May 22, 2012 04:30PM

Broward County home sales prices and sales improved this April from last year, according to the Miami Association of Realtors. Median single-family home prices grew 17 percent to $205,000 and condo sales prices jumped 17.4 percent to $84,300. When distressed homes were excluded the median sales price rose to $264,000 for single-family homes and $99,750 for condominiums.

Broward County’s inventory has dropped 30 percent from 15,781 to 11,086 from April 2011 and the number of single-family homes sold increased 6 percent to 1,190. However, condo sales decreased 4.4 percent on a yearly basis to 1,572 April 2012.

“Home prices in Broward County are experiencing double-digit appreciation much sooner than expected, which is a very positive sign,” said Rick Burch, 2012 president of the Broward County Board of Governors of the Miami Association of Realtors.  “Homes sales also remain at historically strong levels, which reflects the demand that is driving home prices in our area.” – Christopher Cameron