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Apr 23, 2008 6:01 pm US/Eastern
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March Home Sales Show Slight Improvement
Still Down From A Year Before, March Sales Up From Feb.
MIAMI (CBS4) ―
While they are not exactly breaking out the champagne and partying in the streets, South Florida real estate agents are encouraged by March sales which came in above expectations.
Analysts say falling home prices and the weakening U.S. dollar are adding up to make South Florida homes and condos attractive to foreign investors.
According to the Florida Association of Realtors sales of single family homes in Miami Dade were down 56-percent compared to a year ago. But the good news is they were up 13-percent compared to sales in February. In Broward, sales were down 23-percent in March compared to a year ago but they were up 29-percent from February.
As far as home prices go, the average price of a single family home in Miami Dade was $337,900 – which is a decrease of about 12-percent from this time last year. Broward's average home price dropped to about $311,400 – down about 16-percent from a year ago.
As far as the condo market went Broward sales were down only about 8-percent compared to a year ago with the median price around $137-thousand. Sales in March were up 33-percent over sales in February.
Miami Dade saw a sales drop of about 47-percent compared to March 2007 with the median price of a condo in the neighborhood of $264-thousand. However, the realtor's association noted that sales in the condo market were up 42-percent over February's numbers.
(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)
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