South Florida Real Estate Market Conditions – February 2007

The Florida Association of Realtors (F.A.R.) has released the sales reports for February 2007.  Looking at the chart below, it’s clear that the number of sales has decreased considerably since a year ago.  Regardless of this, the greater Miami area real estate market conditions seems to be quite well with increases in the median sales prices of both single-family homes as well as condos. 

On the other hand, during that same period of time, the West Palm Beach/Boca Raton market area experienced a 4-5% decrease in the median sales price.  Meanwhile, the greater Fort Lauderdale area’s single-family home prices appear to remain stable, even while the same cannot be said of the median sales price of condos (possibly due, in part, to the overabundance of condo conversions).

*Median is the price at which half of the homes sold for more and half sold for less.

Source: Florida Association of Realtors (F.A.R.)

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