Broward home prices, sales rise in January

Broward County home prices continue to trend upward, offering hope of a housing recovery even while analysts say a bottom may still be a year away.

The county's median price for existing homes in January was $175,000, up 6 percent from a year ago, according to the Greater Fort Lauderdale Realtors. Broward sales rose 15 percent from January 2011.

County prices increased for much of 2011. For the year, the median rose 4 percent from 2010.

Some real estate agents insist the housing crash is over.

"The bottom is in our rearview mirror," said Stephen B. McWilliam, president of the Greater Fort Lauderdale Realtors.

Still, analysts are more cautious.

Moody's Analytics, a West Chester, Pa., research firm, has predicted more softness in Broward prices until at least early 2013, saying an expected increase in foreclosed properties will weigh on the market.

Meanwhile, the state's median price for existing homes rose 5 percent in January to $129,000, according to the Florida Realtors. Sales statewide dipped about 6 percent in 2011 from the previous year.

The number of homes for sale across Florida plunged 34 percent in January. Fewer homes on the market is creating more competition among buyers and helping the housing market recover, real estate analysts say.

"I think we'll definitely see slow, positive movement," said John Tuccillo, chief economist for the Florida Realtors.

The Florida Realtors report for January was the first produced by a new vendor, 10K Research and Marketing.

Previously, the state trade group partnered with the University of Florida and released monthly housing data for each of the state's 19 metro areas, based on figures from the individual Realtor boards.

Now 10K will compile that information, which will be released directly by the local boards.

The change won't affect consumers, except that they now will receive more detailed analysis of their local markets, Tuccillo said.

As of this week, there were fewer than 6,000 single-family homes on the market in Broward, a significant decline from a year ago, according to Greater Fort Lauderdale Realtors.

That's leading to quick sales. As of January, the median number of days for a single-family home to sell in Broward was 55 days. The median means half the homes sold in more time and half sold in less time.

"If a property is priced at market, it'll sell right away," said McWilliam, of the Broward Realtors group. "A lot of people are trying to get out of the rental market and into homeownership."

While many analysts worry about a flood of bank-owned homes being listed for sale this year, some real estate agents in South Florida say that might actually be good for a market in serious need of available properties.

Judy Trudel, an agent for Balistreri Realty in Broward and Palm Beach counties, said many potential buyers are frustrated at being out-bid for properties.

A lender was asking $411,000 for a foreclosed town house in Boca Raton. Trudel's client offered $426,000 and still missed out, either to a higher offer or a buyer paying cash.

"It's very hard to buy right now," Trudel said.

Source: http://www.sun-sentinel.com/business/realestate/fl-home-prices-broward-022212-20120222,0,4671186.story