Housing inventory drops 35% in Florida's Broward County
Buyers hunting for property in Broward County, Fla., cut into the area's housing supply in December, culling inventory levels by 35%, according to a new report from the Miami Association of Realtors. International investors maintained a strong presence in the market, with cash sales accounting for 38% of all single-family sales. The new report claims 90% of international buyers acquired their Fort Lauderdale properties in cash during the December period. In addition, single-family home sales grew by 9% from 996 in December 2010 to 1,082 last month, according to data from the Miami Association of Realtors and the local Multiple Listing Service systems. The home inventory level in Broward County fell 35% from 19,899 homes in December 2010 to 12,997 during the same month of 2011. "Dwindling housing supply in Broward County is indicative of strong demand and points to future market strengthening," said Rick Burch, 2012 president of the Broward County Board of Governors of the Miami Association of Realtors. "The presence of international buyers combined with an improving economy and job market will result in further growth and strengthening in Broward County." The median sales price for single-family homes in Fort Lauderdale hit $189,600 in December, up 7% from December 2010. About 46% of all closed residential sales in Broward County were classified as distressed, down from 55% in December 2010 and 48% from the previous month. Write to Kerri Panchuk.