Miami home values rise in South Florida

With the exception of Fort Lauderdale's home market, values for South Florida and Miami home values rose for May compared to last year. Home values in Ft. Lauderdale dropped by 6 percent.

According to data from trade association Florida Realtors, last month Florida realtors sold 972 Miami condos which were 70 percent more than in May 2009. This is a major jump over the 571 units sold in the same month last year. However, the median sales price fell 10 percent to $126,100. Median sales price for Miami condos was the third highest sales price in Florida, following state leader Sarasota-Bradenton and Fort Myers-Cape Coral.

Sales of Miami homes also rose in South Florida. There was 22 percent more Miami homes sold and 20 percent more in the West Palm Beach-Boca Raton metro area. However, the Fort Lauderdale metro area had a six percent decline over last year.

In South Florida, realtors sold a total of 2,345 single-family homes, along with 2,814 condo units last month. The median existing-home sales prices actually rose by $300 over April of this year.

Panama City and Pensacola both saw decreases from April in number of units sold and median sales prices. These are the two most vulnerable metro areas to the oil spill but it’s not clear if that had an effect on sales.

In April the median sales price for Panama City homes was $160,000, according to reports from Florida Realtors. That number dropped however in May to $138,000 and both numbers were much less than in the same periods in 2009.

In April there were 65 condos sold in Panama City in April and just 53 sold in May. Pensacola's condo sales dropped from 56 to 42.

Contributed by MLR Realty

Source: http://www.miamilodgerealty.com/miami-home-values-rise-in-south-florida.html