In comparing the South Florida real estate market conditions from September to October 2007, there were only relatively minor changes in each of the three South Florida counties with regards to the number of resale homes sold. The same can be said for the number of resale condos sold with one exception — Miami-Dade County saw a sizeable increase in the number of sales (up 23% from the previous month). This is especially good news since there has been so much talk about the glut of condos for sale there.
Meanwhile, the median sales price of resale single family homes increased slightly in the Greater Fort Lauderdale area but decreased in both Palm Beach County and Miami. Sadly, when compared to last month, the median sales price of resale condos dropped in Broward County by about 8.75%, in Palm Beach County by approximately 12% and in Miami-Dade by about 3%. If, instead, we focus on the changes from the same time last year till now, it seems Miami is doing better than many in the media would have you believe.
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.
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Source (for chart numbers only): Florida Association of Realtors (F.A.R.); Commentary is © 2007 Leanne Paynter.