Median price for S. Florida homes up in 2012

For many homeowners, 2012 was the year they finally put the housing bust behind them.

Year-end numbers released Monday show the median price for existing single-family homes in Broward County jumped 12 percent, with more properties selling and some flying off the market.

"We're no longer waiting for the other shoe to drop," said Summer Greene, immediate past president of the Florida Association of Realtors.

The county's median price hit $208,000, compared with $185,900 in 2011, according to the Greater Fort Lauderdale Realtors. Broward hasn't closed the year at the $200,000 threshold since 2009, when prices were still on their way down.

Evidence of a housing recovery began to mount in recent months, but these latest figures confirm that 2012 was indeed a turnaround year.

Broward had 14,101 homes trade hands, up 10 percent from 2011 and reminiscent of the sales boom in 2004 and 2005. The typical home sold in 42 days, down from 52 a year earlier.

Sellers have regained control, dictating prices and terms, real estate agents say. Some sellers, for instance, refuse to even consider offers from buyers using Federal Housing Administration mortgages because those loans tend to take longer to complete.

All-cash sales rose 13 percent in 2012 from a year earlier as investors dominated the market. The number of homes for sale countywide plunged 32 percent, severely limiting options for young families.

"I've got some buyers in tears," said Chip Rowand, an agent in Weston.

The market for existing condominiums also is robust, with the median price last year rising 14 percent to $85,000. Demand remains strong, though sales dipped from the year before.

Despite the improvement in the housing market, analysts are preaching caution, pointing to the still-sizable pool of foreclosed properties and the large numbers of homes worth less than the mortgages.

Greg McBride, a senior financial analyst with Bankrate.com in North Palm Beach, expects price increases to level off to a more traditional 3 percent to 4 percent a year. Household incomes will remain stagnant, hurting the buying power of borrowers, he said.

McBride also said consumers should be careful about using median prices to judge the health of the overall housing market. The median means half the homes sold for more and half for less.

"Median prices are based on homes sold, and that's a far cry from saying the price of everyone's home went up 10 percent or more because that's clearly not the case," McBride said.

Powers@tribune.com, 561-243-6529 or Twitter @paulowers

A housing rebound

Median prices for single-family homes in Broward County

2012: $208,000

2011: $185,900

2010: $196,000

Source: Greater Fort Laudedale Realtors

Source: http://www.sun-sentinel.com/fl-year-end-home-sales-up-sb-20130211,0,993347.story?track=rss

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