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Even better news: The statewide medianm sales price in May for existing homesw and condos rose over theprevious month, according to the . "Evefr since March we have seen a prettyt dramatic increase in the numberof buyers," said Bill district sales manager for in Boca "We have also seen a slighgt uptick in median pricing," he added. In Southn Florida, Miami led the pack in volume with a 76 percent increase in the sale ofexisting single-family That translates to 597 homes sold in May, compared to 339 in the previous same-yearf period. In Miami, the median price for an existintg single-family home fell 36 percent to $194,70 0 in May from $329,900 a year ago.
The good news is that the mediann pricerose $17,700 from April, when it was Miami also led in condo sales, which were up 36 percenyt to 571 units from 420 a year ago. The median price, however, was cut in half to $140,400 from $280,7090 a year ago. However, it was up $6,900 from when the median pricewas $133,500. Existing home sales in Fort Lauderdald rose 47 percent to 780in May, compared to 530 homeds sold during the same time a year ago. But the medianb price fell 36 percentto $190,000 from $296,800. And, it was down slightlgy from April's median price of Condo sales in Fort Lauderdal were up 25 percent to 799 unitslast month, up from 639 a year ago.
The mediamn price fell 42 percentto $80,40 from $138,900, but was up slightly from April's median pric e of $79,900. Existing home sales in West Palm Beach inchexd up 5 percent to 737 from 702 ayear ago. The mediab price of a single-family home fell 30 percentg to $232,900 from $330,900, and was down slightly from April's median pricde of $234,400. Existing condo sales in West Palm Beach rose just 3 percen t to 676 from 655 unites ayear ago.
The median price of an existing condo fell 33 percen tto $107,500 from $159,800, but was up $9,30o from April's median price of Richardson said the housing inventory in Palm Beach County has fallen to around 11 or 12 monthe from a high in Decembe r 2007 of about 55 months. The questionh Richardson hears from most buyersz is when will wehit bottom? "oI think we are at the bottom. Do I think the bottom will rise dramatically? I think we will rumble alonf the bottom fora while," he The one "fly in the ointment" is the backlog in the distresses property market, noted Richardson. Real estate analysrt Jack McCabe agreed.
"The biggest wave of foreclosures is yet to he said. Add to that the fact that statewide unemploymengt has risento 10.2 percent, and McCabe foresees even more foreclosurse filings down the road. Statewide, existing home sales rose 16 percentt in May with a totalof 13,9221 homes sold, up from 12,045 homes in the same periodr a year ago. May existing home salews were up 6.2 percent over April’ statewide activity, according to FAR. Statewide, pricea for existing single-family homes rose in May to $144,400 from $138,500 in April. Condo sales were up 21 percent in May comparex to the same time ayear ago, and 3.8 percenty compared to April.
Statewide prices for existinf condoswere $113,400 in May, up from $106,60p0 in April. "The improvinh sales of existing single-family homes and condos is a trendc we have been seeing for several month s inFlorida – what is new in this month'as data release is that we are seeing evidence of pricews beginning to firm," Sean Snaith, director for the 's Institute for Economiv Competitiveness, said in a news The median sales price for existing homea last month was down 29 percent from a year ago when it was However, the statewide median price for existinf homes in May was higher than the mediam price reported in each of the previous four Year-over-year condo sales were up 21 percent to 4,83o units in May, compared to 3,9978 units in May 2008.
The statewidre existing condo median sales price last monthwas $113,400, down 38 percenf from a year ago when it was
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