It sure looks like the available inventory listed for sale in the Fort Lauderdale / Broward County area is forming a solid uptrend after years of decreasing.

In February, there were 5,565 houses listed on the market for sale in Broward County and that is an inventory level we haven’t seen since March of 2012.  As for condo/townhouse inventory listed on the market, there were 7,895 units available for sale in February.  The condo/townhouse listings have been climbing quickly and the increased supply should help potential buyers.  Available supply spent a few years in decline after the robo-signing litigation started in late 201o and it finally appears to be normalizing again.  South Florida property owners are finally feeling comfortable enough to put properties on the market and after several years in limbo, the major banks will finally begin selling their inventory as well.

There hasn’t been too much fluctuation in the average selling prices over the past several months.  They actually appear to have stalled-out.  The average selling price of a house in Broward County, Florida was $341,779 up slightly from $337,534 in January.  As for condo/townhouse properties, the average sale price was $165,904 in February, down from $170,508 in January.

Now let’s take a look at transaction types for the single-family home market in Broward.

Out of 979 completed transactions in February, here is the breakdown of single-family home sales:

• 715 traditional transactions which accounted for 73% of the total
• 110 foreclosure / REO transactions which accounted for 11% of the total
• 154 short sale transactions which accounted for the remaining 16%

There were 1,172 closings in the condo/townhouse segment in February, and here is the breakdown:

• 884 traditional transactions, accounting for 75% of all closings
• 180 foreclosure/REO transactions, accounting for 15% of all closings
• 108 short sale transactions, accounting for the remaining 10% of all closings

This was just a quick market update.  In the next few weeks will will provide updated charts and data for the new foreclosure filings and shadow inventory update, as well as South Florida market updates for Miami-Dade, Broward and Palm Beach County.