Broward Home Prices Continue to Rise

Housing costs in Broward Country continue to climb to high levels. It costs about 25 percent more to buy a single-family home or condominium-townhouse in that area this January versus the same month last year.

The latest statistics from the Realtor Association of Greater Fort Lauderdale (RAGFL) show the median price of a single-family home Broward County in January to be $379,900, an increase of over $75,000 from 2004. Meanwhile, the median price for a condo-townhouse was $202,250, up 27 percent from $159,000 a year earlier.

RAGFL said combined single-family and condo-townhouse sales volume hit $469.8 million, down 15 percent from $553.6 million in January 2004. The 2,415 homes sold was a 29 percent, year-over-year decline, from 1,872 homes.

“We’re still seeing the effect of Hurricane Wilma in the marketplace but, as we expected, that effect lessened somewhat in January from the previous month,” RAGFL President Dori Longhini said. “The increases for individual home prices and total sales volume indicate residential real estate remains strong in South Florida.”

Broward County’s inventory is growing, however, a trend not unique to just this sector of the state.

In January, RAGFL said the number of total new listings was up 58 percent to 6,981 from 4,410 for the same month a year ago. These numbers all counter previous reports that the Florida home loan market had peaked. Home prices continue to rise, satisfying those wishing to sell their property.