Calling All Florida Home Mortgage Applicants! Sales Drop Again in Broward County

A sense of uncertainty continues to grip sellers across the Broward County housing market as the area slump carries on. Prices and sales of existing homes fell again in September, according to figures released Wednesday by the Florida Association of Realtors.

Broward’s median price of $370,300 fell $9,100 (or 2 percent) from $379,400 in September 2005. Prices have dropped on an annual basis for the past three months, meaning those that have waited around to apply for a Florida home mortgage should have their patience rewarded with better deals.

There were 741 Broward home sold in September, off 24 percent from the 977 sales last September.

“I expect prices to continue to slowly come down,” said Manuel Iraola, president of Homekeys.net, an online real estate service in Miami. “The sellers who are most successful are the ones who are realistic.”

Broward’s median price for condominiums increased $1,200 (or 1 percent) to $205,800 from last September. Sales fell 46 percent, to 647 from 1,203.

The county had nearly 40,000 homes and condos on the market last month, more than double the number from last September, according to the Miami-based Keyes Co. Realtors. As a result, buyers can be picky and wait to make an offer.

Many are concerned, however, about the threat of hurricanes and dramatic increases in property insurance premiums and property taxes. But experts predict the end of hurricane season on November 30 will spur more sales/Florida home loan applications.