Broward home sales rose amid small price gains

Homebuyers turned out in force in Broward County in October, boosting sales of single-family homes and condo from year-earlier levels, but price increases slowed.

The median price of a single-family home in Broward inched up 1.9 percent to $275,000 in October compared with a year earlier, while the median price for a condo rose 2.9 percent year over year to $119,900, according to the Greater Fort Lauderdale Realtors.

Whose anemic price gains are a far cry from the double-digit spikes in prices logged earlier in 2014 and throughout 2013 as the housing market rebounded from its historic crash.

The slowdown in price gains — which echoes statewide and national trends — is widely expected to continue into next year.

Sales, however, remain strong.

Single-family home sales in Broward rose 14.8 percent in October from a year earlier to 1,393 closings. Sales of Broward condos rose 5.3 percent year over year to 1,441 closings, the Greater Fort Lauderdale Realtors said.

Homebuyers are finding a lot more to choose from as the number of homes and condos listed for sale in Broward continues to swell.

The inventory of single-family homes rose 36.3 percent to 6,574 units in October from 4,822 a year earlier. That amounted to 5.2 months of supply, or 5.2 times the number of homes sold in a month, up from a very tight 3.8 months of supply in October 2013.

The inventory of Broward condos listed for sale on the Multiple Listing Service jumped 24.4 percent to 8,325 units from 6,691 units in October 2013. That marked 6.1 months of supply of existing condos in Broward in October, up from 4.7 months a year earlier.

Experts generally consider six months of supply to be a balanced market between buyers and sellers, with less than that favoring sellers and more than that giving buyers more leverage to call the shots.

Homes and condos are sitting on the market a bit longer before finding a buyer. Single-family homes sold in a median of 45 days, up from 30 days in October 2013. Condos sold at a median pace of 53 days, up from 37 days a year earlier.

Amid the growing inventory, buyers are negotiating slightly more price cuts. Single-family homes sold at an average of 93.6 percent of their original listing price, a 2.3 percentage point drop from a year earlier. Condos on average fetched 92.4 percent of their original listing prices, down 2.4 percent from October 2013, the Greater Fort Lauderdale Realtors said.