Statistical Indicators

S. Fla. existing home, condo prices fall in Q3

Posted on Wednesday, November 17, 2010

Sales of existing single-family homes fell in the third quarter in Fort Lauderdale and Miami, but were up slightly in West Palm Beach, according to figures from Florida Realtors.
Existing condo sales, meanwhile, soared in Miami and West Palm Beach, but fell in Fort Lauderdale.
Prices for homes and condos were down in all three counties, year-over-year.
Fort Lauderdale existing home sales fell 18 percent, to 2,076 in the third quarter from 2,523 in the same quarter last year. The median sales price was down 2 percent, to $209,600 from $212,900 a year ago.
Miami existing home sales slipped 1 percent, to 1,812 from 1,832 a year earlier. The median price was also down 1 percent, to $191,100 from $192,800.
West Palm Beach home sales inched up 2 percent to 2,396 from 2,359. However, the median price was down 7 percent to $226,600 from $244,500.
Miami existing condo sales jumped 43 percent, to 2,527 from 1,763, year-over-year, likely driven by continued downward pressure on prices. The median sales price of a condo in Miami fell to $104,600 from $137,900, a 24 percent drop.
Existing condo sales in Fort Lauderdale were down 8 percent, to 2,459 from 2,671. The median price was down 10 percent, to $73,100 from $81,300 a year ago.
West Palm Beach condo sales fared much better, rising 20 percent in the third quarter, to 2,352 from 1,962. The median price was down 20 percent, to $88,100 from $109,900.
Statewide sales of existing single-family homes fell 7 percent, to 41,122 from 44,451. The median price also fell 7 percent, to $135,200 from $145,300.
Sales of existing condos across the state rose 15 percent, to 16,938 from 14,793. The median sales price fell 21 percent, to $84,000 from $106,000.
“The price decline in the condo market continues to attract domestic and foreign buyers to Florida to take advantage of this buying opportunity,” said Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness. “As the economic recovery continues in Florida – and, in particular, as the labor market improves – the housing market will follow suit.”

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