Florida Mortgage Activity Returning to Normal in Broward County

Good news for owners in Broward County:

The year-over-year median sales prices fell for single-family homes, but rose for condo-townhomes last month December.

The Realtor Association of Greater Fort Lauderdale said the median sales price for single-family homes was $350,000, down from $379,900 in December 2005 and from $352,500 in November. As a result, Florida mortgage loan activity picked up a bit to end the year.

For a condos, the median price increased to $199,750 in December from $194,950 in December 2005. In November, the median was $200,000.

“Overall, the [Florida housing market] appears to be returning to reality,” RAGFL President Christine Hansen said. “Home prices are stabilizing and resemble figures from what we would consider ‘typical’ markets, which is a positive sign.”

The number of single-family homes sold in the county during December came in at 599, up from 593 sold during the same month in 2005, but down from 668 in November.

The number of condo-townhome sales, hit 594 in December, down from 756 in the same month the year before, but up from 585 in November.

“The data tells me that homes are reasonably priced, being marketed effectively and are selling well,” Hansen said, referring to recent, improved Florida mortgage demand..

Available inventory for single-family homes rose significantly over the year - to 10,679 from 5,465 - but declined from 10,794 in November. Total available inventory for condo-townhomes rose for both periods - to 14,704 from 6,968 the year before and from 14,408 in November.

The number of new listings for single-family homes dropped 19 percent, while new listings for condo-townhomes fell 15 percent.

“When fewer homes are being put up for sale and prices become relatively stable, the market can prove beneficial for both buyers and sellers,” Hansen said.