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.
*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.
February 16, 2008 at 9:48 pm
As I look at the figures, they seem dismal. The sad part is that they do not seem to be improving. New listings, price drops and back on the market listings far out strip actual sales. With lower interest rates and the new tax amendment, I was hoping to see a pick up. All I am seeing is a lot of re-financing.
February 16, 2008 at 10:32 pm
Unfortunately, just as with other stressful events in life, there is no magic cure and only time (be it more or less) will get us through the rough spots. Election years don’t help, either.
February 29, 2008 at 4:37 pm
Kind of funny how much things can change in the span of just a few months. The market conditions listed here are dismal and reflect that period of time when it was all doom and gloom. Mind you I don’t believe the market to be in full recovery, however spots like Boca Raton real estate have certainly taken an upswing in terms of sales.