Real Estate Market Update

Here are Broward county Stats for the month of June 2011. Inventory continues declining in all categories. Percentage of market that is distress sale (REO and Short Sales) is down; percentage of market that is normal sale is up. Normal sales are hot. Closings are up as well.

Single Family Homes (RE1)

Total Homes for sale 6,584 (read taken Jul 19)(down from 6,812 mid June, 7,172 mid May, 7566 mid April - 7877 in mid March)

1,316 Single Family Homes closed in June (up from May 1,161)

of those

360 were REOs (bank owned)
233 were short sales
673 were normal sales (would you look at that.)
50 were not properly identified in MLS (Multiple Listing Service)

only 46.8% if our SFR market is distress sales. That's definitely an improvement. (51.7% last month, 50.5% in April, 54% in March, 58% in Feb)

Financing Sold terms. Of those

497 sold cash
402 sold conventional
360 sold FHA
31 sold VA
4 involved owner financing

Condos and Co-ops

Total condos and co-ops for sale 6,142 (read taken 7/19) (down from 6,441 mid June, 6,857 mid May, 7303 Mid April, 7778 mid March)

1,189 Condos and Co-ops closed in June (1,192 in May)

of those

311 were REOs
202 were short sales
640 were normal sales
36 were not properly identified in MLS

44.5% of condo/co-op market is Distress sales (down from May 46.6%, 47.3% in April , 49% in March)


Sold terms

1,039 sold cash
130 sold conventional
5 sold FHA
0 sold VA
6 involved seller financing

Townhomes/Villas

Total Townhomes/Villas for sale 1,470 (read taken 7/19) down from 1,617 mid June, 1,820 mid May , 1,979 mid April , 2,192 in mid March)

387 townhomes and villas sold in June (361 in May)

of those

149 were REOs (bank owned)
105 were short sales
116 were normal sales
17 were not properly identified in MLS

68.6% of town-home villa market are distress sales (69.5% in May, 67%, in April, 75% in March)

Sold terms

223 sold cash
85 sold conventional
68 sold FHA
7 sold VA
1 involved owner financing

In the month of June there were a total of 2,892 properties sold in MLS (up from 2,716 in May)