South Florida’s Broward County residential real estate market shifted in favor of buyers last month, as huge inventory gains slowed sales significantly, according to statistics provided by the Realtor Association of Greater Fort Lauderdale.

Association researchers reported 8,838 single-family homes available in April, up 280 percent from April 2005 when 2,327 homes were on the market. The condominium-townhouse inventory soared 361 percent during the last year, with 11,490 units on the market last month compared with 2,492 units a year ago.

Single-family home sales totaled 746 in April, down 31.7 percent from April 2005 when 1,093 homes were sold. Condominium-townhouse sales fell by 30 percent during the same period, from 1,321 units a year ago to 923 last month.

The median sales price for single-family homes rose to $354,300 in April, up 4 percent from the year-ago price of $340,000. For the condominium-townhouse segment, the median sales price gained 18 percent from a year ago, rising from $178,000 to $210,000.

“With the market changing in favor of buyers,” said Dori Longhini, president of the Realtor Association of Greater Fort Lauderdale, “this is as important time as any for sellers to draw upon the expertise of a real estate professional who can help them select or market their home and get a fair price for it.”

The Realtor Association of Greater Fort Lauderdale Inc. is one of the largest Realtor associations in Florida, representing more than 12,000 real estate agents in Broward County.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×