South Florida Home Prices (Miami Herald)

In today's edition of the Miami Herald, Matthew Haggman wrote a very informative article on South Florida Home prices. The article is below.

The median prices for South Florida single-family homes dropped in November to 2003 levels as residential real estate values continue to plummet, according to figures from the Florida Association of Realtors.

But sales again rose sharply as banks unloaded foreclosed homes and individual sellers slashed prices. The increased buying activity reduced the number of homes listed for sale, although the inventory of unsold homes still remains large by any measure.

Sales for existing single-family homes in Miami-Dade were up 39 percent in November compared to the same month a year ago. Broward single-family home sales were up 26 percent. Condominium sales for existing units in November were also up, though not as much. Condo sales were up 4 percent in Miami-Dade and 3 percent in Broward compared to November 2007.

Despite the increased sales activity, there were no signs prices are stabilizing.

Miami-Dade single-family home prices in November dropped by nearly half -- 48 percent --from a year ago. Broward single-family home prices were down 34 percent. For condos, prices were similarly down: Miami-Dade was off 35 percent and Broward, 34 percent.

That puts median prices for a single-family house at $224,700 in Miami-Dade and $229,100 in Broward. The median Miami-Dade condo price is now $172,600 and the median Broward condo fetched $109,400 in November.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
www.DadeCountyMLS.com