Home prices grow in Miami, fall in rest of South Florida

Miami home and condominium sellers saw their sales prices grow over the year, but sellers of both stripes in Fort Lauderdale and in West Palm Beach-Boca Raton saw price declines in May.

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 May median home prices for existing single-family homes grew 6 percent in Miami, to $401,100 from $379,700, as the number of homes sold dipped 44 percent, to 494 homes from 875 homes.

In Fort Lauderdale, the 3 percent decline moved May home prices to $367,700 from $379,800, as the number of homes sold declined by a third, to 574 homes from 862 homes.

The 1 percent year-over-year price decline in West Palm Beach-Boca Raton dropped May prices there to $387,800 from $391,000. The number of homes sold fell 25 percent, to 741 homes from 982 homes.

The Palm Beach area draws strong interest from retirees, baby boomers and second-home buyers, pointed out Norma Mirsky, president of the Palm Beach Board of Realtors and broker-owner of Mirsky Realty Group LLC.

"The wave of speculative investors seeking a quick profit appears to be gone, and now we have a more normal market, with buyers interested in investing in a personal dream and finding a home," she said. "The Scripps Research Institute is building very quickly and that will bring in 3,000 or more high-tech jobs, which is great for our employment outlook."

Near South Florida, median prices for existing single-family homes:

* fell 2 percent in Fort Myers-Cape Coral, to $281,500 from $286,500,, as the number of homes sold fell 42 percent, to 575 homes from 993 homes
* fell 9 percent in Fort Pierce-Port St. Lucie, to $228,500 from $252,300, as the number of homes sold fell 39 percent, to 315 homes from 519 homes
* fell 16 percent in Melbourne-Titusville-Palm Bay, to $190,400 from $227,400, as the number of homes sold fell 26 percent, to 483 homes from 651 homes
* grew 1 percent in Naples-Marco Island, to $536,200 from $531,000, as the number of homes sold grew 28 percent, to 37 homes from 29 homes. 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 12 percent in Punta Gorda, to $186,900 from $213,400, as the number of homes sold fell 39 percent, to 235 homes from 387 homes

Statewide, May existing single-family home median prices fell 5 percent, to $237,000 from $250,100, as the number of homes sold fell 34 percent, to 12,607 homes from 19,072 homes.

As far as existing condos in May, Miami median prices rose 8 percent, to $272,000 from $250,900, as the number of condos sold fell 46 percent, to 599 units from 1,101 units.

Source : http://southflorida.bizjournals.com/