Condominium prices up 10% in Southeast Florida (Broward) for 2006

Condominium prices up 10% in Southeast Florida (Broward) for 2006

Surprisingly strong gains reported in sales of new homes and new orders for costly manufactured goods in December signaled more vigor in some soft economic sectors.

The strength of the figures surprised financial markets, giving the dollar's value a boost.

New-home sales rose 4.8 percent in December to an annual pace of 1.12 million units. The median sales price rose to $235,000 in December from $232,200 in November, as builders cut the number of homes on the market to avoid inventory buildups.

In Miami-Dade and Broward county prices still went up 2 percent in Broward County and 7 percent in Miami-Dade County respectively, according to numbers released Thursday.

Condominium prices, not tracked by the state Realtor organization until this year, showed a gain of 1 percent in Miami-Dade and 10 percent in Broward for 2006.

In a good sign for the market, the number of homes listed for sale actually decreased -- albeit slightly -- at the end of the year. From December 2005 through November 2006, the number of homes for sale in both counties jumped from 31,351 to 66,477. But in December 2006, it declined to 65,827.

Single-family home prices in South Florida barely moved in December compared with a year earlier, and were up slightly from November.

For existing single-family homes, the median sales price -- the point at which half of homes cost more and half cost less -- rose 1 percent in Miami-Dade County to $380,100 in December, from $377,700 a year earlier. In Broward, it was essentially flat at $367,600 in December, down from $369,000 a year earlier.

For condos, median prices in Miami-Dade rose 15 percent in December to $294,400, from $255,800 in December 2005, but the volume of sales fell 36 percent.

Median prices in Broward County rose 1 percent in December to $199,700, from $197,700 a year earlier. Sales were down 27 percent in Broward compared to December 2005.

South Florida's home prices have not experienced the sharp decline that some analysts had predicted. In fact, in Dade County, prices in December actually rose slightly, indicating that the `wait and see' approach isn't the best strategy for potential buyers.

About Katerina Brosda

Katerina Brosda is a preeminent negotiator dominating by far her industry and field of expertise. As the sole principal at MiamiJustListed.com Ms. Brosda is charged with the day-to-day operations of a boutique real estate services and development firm that caters to the haves and wants of an international upscale clientele in the greater Miami area and in particular on the beaches. Ms. Brosda is recognized by the largest real estate services firm in the world, Century 21, as one of its most successful and outstanding professionals. Ms. Brosda’s firm is located in chic Sunny Isles Beach, Florida, a barrier reef island in North Miami. 

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