South Florida Home Prices Take a Dive
Fewer homes sold in the South Florida housing market in June, and median home prices dropped in almost every city.
Condo statistics tell a similar story, with prices falling everywhere but Miami, and number of units sold taking a nosedive in Miami and Fort Lauderdale, while increasing slightly in West Palm Beach-Boca Raton.
The numbers, from the Florida Association of Realtors, reflect closings, which typically occur 30 to 90 days after sales contracts are written.
They showed year-over-year June median home prices for existing single-family homes increased 1 percent in Fort Lauderdale, to $382,000 from $377,400. The number of homes sold dipped 22 percent, to 674 from 861.
A 2 percent decline in Miami moved median home prices to $371,600 from $378,000. The number of homes sold went down to 469 from 884, a 47 percent decrease, but something that may change as Florida mortgage borrowers take advantage of these reduced prices.
In West Palm Beach-Boca Raton, median home prices decreased 7 percent, to $377,900 from $405,500. The number of homes sold decreased 19 percent, to 764 from 947.
Near South Florida, median existing home prices…
- fell 5 percent in Fort Myers-Cape Coral, to $253,900 from $268,000, as the number sold decreased 37 percent, to 558 from 891.
- fell 8 percent in Fort Pierce-Port St. Lucie, to $237,00 from $257,500, as the number sold decreased 38 percent, to 316 from 513.
- fell 15 percent in Melbourne-Titusville-Palm Bay, to $198,000 from $232,800, as the number sold decreased 21 percent, to 497 from 629.
- fell 1 percent in Naples-Marco Island, to $530,600 from $535,200, as the number sold increased 23 percent, to 43 from 35. However, information for the area is not reliable, as the numbers are only from the Marco Island Association of Realtors. Data from the Naples Area Board of Realtors and Association of Real Estate Professionals were not included.
- fell 10 percent in Punta Gorda, to $199,000 from 222,300, as the number sold fell 33 percent, to 218 from 323.
Statewide, June existing single-family home prices fell 5 percent, to $243,200 from 256,200. The number of homes sold fell 30 percent, to 12,954 from 18,607. It’s an issue Florida mortgage brokers are well aware of and need to do something about.
Median prices for existing condos in Miami increased 7 percent in June, to $275,00 from $257,600, as the number of units sold decreased 52 percent, to 509 from 1,058.
Florida condo prices dropped in both Fort Lauderdale and West Palm Beach-Boca Raton. Sellers in Fort Lauderdale saw median prices of $194,100, down 9 percent from $212,300. West Palm Beach-Boca Raton logged a median sale price of $201,500, down 3 percent from $208,100.
