Posetd on Monday, 7.26.2010
Single Family Homes in Miami, Miami Real Estate
Sales of existing single-family homes in Miami rose last month in South Florida’s metropolitan areas, while prices fell in two of the three areas.
According to the latest housing data from Florida Realtors, West Palm Beach sales rose 27 percent, to 1,087 last month, from 859 a year earlier. Existing sales for single-family homes in Miami rose 1 percent, from 680 a year ago, to 686. Fort Lauderdale’s existing home sales fell 2 percent from 862 to 844.
West Palm Beach’s median price of a single-family home fell 7 percent, to $232,700 in June from $250,300 a year earlier, and was down 4 percent in Miami, from $211,400, to $203,300.
Fort Lauderdale, however, saw prices on existing single-family homes increase 2 percent, to $209,600 from $204,800.
Condo sales were up in all three counties. West Palm Beach leads the way with a 42 percent rise in sales, to 1,061, from 746 in June 2009. The median price in West Palm Beach fell, from $116,400, to $94,800, a 19 percent decrease.
Miami real estate sales for condo in Miami rose 33 percent, from 645 to 855, with the median price falling 9 percent, to $128,800 from $141,000. Fort Lauderdale condo sales were up 8 percent, with 1,003 units sold compared to 933 a year earlier. The median price for condo went down 6 percent, from $83,900 to $78,600.
Existing home sales were up 15 percent last month, statewide, from 15,732 to 18,038. According to Florida Realtors, this is the 22nd consecutive month that sales have increased.
The existing-home median price statewide last month was $143,400, 2.1 percent higher than May’s statewide existing-home median price of $140,400. This marks the fourth month in a row the median price has increased over the previous month.
Statewide condo sales, including Palm Beach, Ft. Lauderdale and Miami condos, were up 33 percent, from 5,215 a year ago, to 6,916. Unlike home prices, however, condo prices fell 16 percent, to 95,000 from $112,800.
According to the National Association of Realtors' industry outlook, more jobs are vital to the continued recovery of the housing market. “If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,” NAR Chief Economist Lawrence Yun said in a news release. “We’ll also keep a close eye on market conditions on the Gulf Coast.”
According to NAR, Nationwide, sales of existing homes were down 5.1 percent in June from the previous month, but were up 9.8 percent from June 2009.
Call MLR Realty at: 1-305-673-3303 to get a consultation with a Realtor that specializes in Miami homes and other residential Miami real estate for sale and for lease.