According to statistics provided by the Realtor Association of Greater Fort Lauderdale, South Florida's Broward County residential real estate sales continued to fall by double digits in May, as for-sale inventory soared from a year ago.

The single-family home sales totaled 808 in May, down 25 % from a year ago when 1,071 homes were sold. May saw 944 condominium-townhouses sold, down 32 % from 1,379 sales in May 2005.

The major factor in the region's sales slowdown is the huge increase in inventory has been a , as 9,537 single-family homes were available in May, up 8 % from April's numbers (8,838), and an increase of almost 300 % from last year's figure of 2,412 available homes. The condominium-townhouse inventory reached 12,297 units in May, up 7 % from April's 11,490, and up 383 % compared to May 2005 when the market had 2,547 units available.

The association reported that prices continued to rise despite increased availability. The median sales price for single-family homes rose to $365,000 last month, up 4 % from last year's figure of $350,000. The median sales price of condominiums-townhouses climbed to $209,250 last month, up 11 % from the year-ago price of $188,000.

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

By M. Sese
http://realestatepress.org