South Florida Real Estate Market Conditions – November 2007

The November 2007 real estate market statistics for Miami-Dade County shows a decrease in single-family home resales of about 28% since last month, while there were much smaller changes in both Broward and Palm Beach County with regards to the number of resale homes sold.  However, while the number of homes sold decreased considerably in the Greater Miami area, it was also the only one of the three South Florida counties to see an increase in the median sales price (up by approximately 1.25%).

Comparing the November 2007 statistics for condos, villas & townhomes to those of October, the Greater Fort Lauderdale area stayed rather stable with regards to the number of sales of existing condominiums but the West Palm Beach/Boca Raton area saw a drop of about 11% in resales and the metropolitan Miami area experienced about a 32% decrease in resale condos sold.  Oddly, the opposite of what happened with resale single-family homes can be said for the South Florida condo market.  This time it was the Fort Lauderdale/Broward County area (up about 4.5%) and the Greater West Palm Beach area (up about 11.5%) which saw an increase in median sales price of homes while Miami-Dade County experienced a very slight drop (about 0.6%).

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.

South Florida real estate market statistics for November 2007.

*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.