Median Prices Fall Across South Florida

Listen up, those thinking about a Florida mortgage in the southern part of the state: Now is the time to buy.

How come? Because the median sales price for existing, single-family homes fell, year-over-year in a number of area. Among them were: the Fort Lauderdale and in West Palm Beach-Boca Raton housing markets. Miami rose slightly slightly.

Prices drop, time for Florida home loans is here

The number of September sales in the area fell 12 percent, to 769 homes from 872 homes. As sellers recognized the situation, however, they were forced to slash prices. This is why it’s an ideal time to consider a Florida mortgage loan in any one of many cities.

“Prices are slowly trending down,” says Pat Dahne, chairman of the Realtor Association of Greater Miami and the Beaches and broker-owner of Pat Dahne Realty Group. “As real estate professionals, we need to remind people that real estate is a long-term investment.”

Across the South Florida housing market, single-family home median prices fell. Here’s a sampling of how they decreased:

- 9 percent in Fort Myers-Cape Coral, to $261,400 from $288,700, as the number of homes sold declined 36 percent, to 693 homes from 1,075 homes

- 9 percent in Fort Pierce-Port St. Lucie, to $244,300 from $269,400, as the number of homes sold declined 46 percent, to 336 homes from 621 homes

- 9 percent in Melbourne-Titusville-Palm Bay, to $206,100 from $225,300, as the number of homes sold declined 30 percent, to 475 homes from 679 homes

- 8 percent in Naples, to $446,900 from $487,500, as the number of homes sold declined 37 percent, to 236 homes from 377 homes

- 10 percent in Punta Gorda, to $207,800 from $229,700, as the number of homes sold declined 42 percent, to 206 homes from 353 homes

Statewide, the median price of homes sold declined by 1 percent, to $243,900 from $246,100. The number of sales fell 34 percent, to 13,485 homes from 20,451 homes. As this first number remains low, however, you can expect more people to be applying for Florida home loans and taking advantage of the deals.