The Broward real estate market has seen a significant and encouraging increase. February of this year, both homes prices and home sales rose from a year ago, with Broward County’s median price for existing homes increase 23% from a year earlier.

Now, a recent market report in the Miami Herald has confirmed that this healthy trend has continued into March, suggesting a positive long-term outlook.

In Broward County, the median price of an existing single-family home rose 26.3 percent to $242,500 in March from $192,000 a year earlier, according to the Greater Fort Lauderdale Realtors.

The median price for townhouses and condos in Broward jumped 27.3 percent in March to $95,000 from $75,000 a year earlier.

Indeed, the increase in March was actually the strongest since November 2005, according to the National Association of Realtors. This unprecedented growth is particularly concentrated in Fort Lauderdale, one of the fastest-growing cities in South Florida, and the site of numerous residential developments. This trend is also leading to a highly competitive home buying market:

With strong demand and limited inventory, homes are selling fast. In Broward, single-family homes were on the market an average of just 30 days before being snapped up, compared with 46 days last year. Condos and townhomes sold, on average, in 44 days, down from 46 days in March 2012.

In March, Broward had just a 3.5-month of supply of existing single-family homes, a measure of the absorption rate, compared with 5.2 months a year earlier. The inventory of Broward condos and townhouses fell to a 4.4-month supply, down from 5 months in March 2012, Greater Fort Lauderdale Realtors said.

Needless to say, it’s better to take advantage of this flourishing and rewarding real estate market sooner rather than later. Fort Lauderdale Real Estate comprises a large and diverse market of luxurious properties, many of them among the most opulent and desirable in South Florida. To learn more about the extraordinary opportunities that await, contact acclaimed and professional Realtor Gayle Borden at 954-525-3355. Her proven track-record and recognized excellence in performance ensures optimal success for her clients.