In September 2007, all three southeast Florida metropolitan statistical areas (MSA) saw a decrease in the number of single family home and condo sales when compared to August 2007. The Greater Fort Lauderdale area had the biggest decrease in both cases. The overall drop in resales may be attributable to the fact that families with school-age children tend to move during the summer months in order for their children to be able to settle into their new schools before the start of the new school year.
The median sales price also dropped in all but one case, where Miami/Dade County saw an increase of about 5% in the median sales price of condos (from August to September). This fact was somewhat surprising since Miami has had one of the largest inventories of condos for some time now.
While the numbers in the chart below will show you comparisons from one year to the next (during the same month), you’ll find that I typically comment on the month-to-month changes, so please keep that in mind as you review the information contained in the chart.
*Median is the price at which half of the homes sold for more and half sold for less.
:: Read all my posts tagged with South Florida Real Estate Market Conditions – 2007. ::
Source (for chart numbers only): Florida Association of Realtors (F.A.R.); Commentary is © 2007 Leanne Paynter.