Existing home sales rose both in Florida and nationwide as the housing market continues to show signs of stabilization.
Statewide, year-over-year existing home sales shot up 45 percent last month, with a total of 15,160 homes sold, up from 10,444 homes sold in October 2008, according to Florida Realtors.
Between September and October, existing home sales increased 5.1 percent.
Florida's median sales price for existing homes last month was $140,300, down 17 percent from a year ago, when it was $169,700.
Sales of existing single-family homes in West Palm Beach rose the most in the tri-county area – up 36 percent, to 841 from 618. The median sales price also fell the least – down just 8 percent, to $243,600 from $264,600.
Existing home sales in Fort Lauderdale rose 32 percent in October, to 826 from 625 a year ago. The median sales price slid 16 percent, to $211,600 from $252,500.
Sales in Miami grew the least – up 26 percent, to 571 from 453 – while prices fell the most – down 28 percent, to $178,500 from $246,800.
Statewide existing condo sales rose to 5,398 in October, up 82 percent from 2,958 a year prior and up 6.1 percent over September. The median sales price of an existing condo in Florida fell 29 percent, to $105,200 in October from $147,900 a year ago.
Fort Lauderdale saw the biggest increase in sales of existing condo sales in the tri-county area in October – up 68 percent, to 926 from 551 a year ago. The median price fell 28 percent, to $83,200 from $115,200. West Palm Beach recorded a 59 percent hike in existing condo sales, to 766 from 481. The median price fell 20 percent, to $109,300 from $135,800. And in Miami, existing condo sales rose 47 percent, to 647 in October from 439 in the year-ago period. The median sales price of a condo in Miami fell 30 percent to $138,400 from $197,400.
Nationwide, exiting home sales in October jumped a record 10.1 percent as buyers continued to take advantage of the first-time homebuyers credit.
Patrick Newport, U.S. economist with IHS Global Insight, suggested in a news release that “sales will drop in the first quarter of 2010, payback from the first tax credit. Sales will take a second hit in the third quarter of 2010, payback from the second tax credit. Overall, sales in 2010 will be about the same as in 2009.”
Source: http://southflorida.bizjournals.com/southflorida/stories/2009/11/23/daily5.html
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
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