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Even better news: The statewide mediajn sales price in May for existing homes and condos rose over theprevious month, accordinf to the . "Ever sincde March we have seen a pretthy dramatic increase in the number of saidBill Richardson, district salex manager for in Boca Raton. "We have also seen a slight uptickj inmedian pricing," he In South Florida, Miami led the pack in volumes with a 76 percent increasew in the sale of existing single-familyt homes. That translates to 597 homes soldin May, comparecd to 339 in the previouz same-year period. In Miami, the median pricse for an existing single-family home fell 36 percent to $194,7090 in May from $329,900 a year ago.
The good news is that the median pricerose $17,700 from April, when it was Miami also led in condo sales, which were up 36 percent to 571 units from 420 a year ago. The median price, however, was cut in half to $140,40p from $280,700 a year ago. it was up $6,900 from April, when the median pricre was $133,500. Existing home sales in Fort Lauderdalde rose 47 percent to 780in May, compared to 530 homes sold durinh the same time a year ago. But the median price fell 36 percentto $190,000p from $296,800. And, it was down slightly from April'ss median price of $191,300. Condo salesw in Fort Lauderdale were up 25 percent to 799 uniteslast month, up from 639 a year ago.
The medianb price fell 42 percentto $80,400 from $138,900, but was up slightlyg from April's median price of $79,900. Existinvg home sales in West Palm Beacj inched up 5 percent to 737 from 702 ayear ago. The mediab price of a single-family home fell 30 percent to $232,900 from $330,900, and was down slightlty from April's median priced of $234,400. Existing condo salesz in West Palm Beach rose just 3 percenft to 676 from 655 unitz ayear ago. The median price of an existintg condo fell 33 percentto $107,500 from $159,800, but was up $9,30 from April's median price of $98,200.
Richardson said the housinfg inventory in Palm Beach County has fallen to arounc 11 or 12 months from a high in Decembet 2007 of about55 months. The question Richardson hears from most buyers is when will wehit bottom? "I think we are at the Do I think the bottomm will rise dramatically? I think we will rumble along the bottom for a while," he The one "fly in the ointment" is the backlohg in the distressed property market, note Richardson. Real estate analyst Jack McCabe agreed. "The biggest wave of foreclosures is yet to he said. Add to that the fact that statewidw unemployment has risento 10.
2 percent, and McCabe foreseexs even more foreclosure filings down the Statewide, existing home sales rose 16 percent in May with a totakl of 13,921 homes sold, up from 12,044 homes in the same perioed a year ago. May existing home salea were up 6.2 percent over April’s statewidd activity, according to FAR. Statewide, prices for existinb single-family homes rose in May to $144,4000 from $138,500 in April. Condo sales were up 21 percentt in May compared to the same time ayear ago, and 3.8 percenf compared to April. Statewide pricesx for existing condoswere $113,400 in May, up from $106,600 in April.
"The improving sales of existing single-familyy homes and condos is a trend we have been seeinfg for several months inFlorid – what is new in this month's data releasse is that we are seeing evidence of prices beginningt to firm," Sean Snaith, director for the 'ds Institute for Economic Competitiveness, said in a news The median sales price for existing homes last monty was $144,400, down 29 percent from a year ago when it was However, the statewide median price for existingv homes in May was higher than the medianb price reported in each of the previous four Year-over-year condo sales were up 21 percent to 4,839 units in May, compares to 3,998 units in May 2008.
The statewidwe existing condo median saleds price last month was down 38 percent from a year ago when itwas $181,700.
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