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Home arrow Real Estate News arrow General News arrow Median price for Broward family homes dunks sales

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Median price for Broward family homes dunks sales
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Thursday, 24 August 2006

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For the first time since April 2000, the median price for existing single-family homes in Broward County has fallen from the previous year. The median price for single-family homes in Broward County has fallen from the previous year. This was since April 2000. The median price is the point at which half the properties sold for more, half for less. Mike Pappas, president of Keyes Co.

Realtors in Miami, said he's not surprised by the housing market's continued slide. But he does expect things to improve soon, in part because South Florida's inventory of homes for sale seems to have peaked. Yearly, median prices rose 30 percent during the South Florida housing boom from 2000 to 2005. The price gains narrowed considerably this year. "What it means for homeowners is that wonderful buildup of equity is starting to erode," said David Levin, a housing analyst in Delray Beach. He doubts the slumping market has hit bottom. And with prices falling and interest rates rising,

Levin, said residents shouldn't delay in applying for home-equity loans, which are based in large part on a home's value. Analysts doubt that the dropping market has hit bottom. With prices falling and interest rates rising, residents should not delay in applying for home-equity loans based in large part home’s value.. Broward's home sales continued to decline, falling 30 percent in July compared with July 2005. Condo sales dropped 39 percent, while the median condo price rose 4 percent to $209,100. In Palm Beach County, existing home sales fell by 44 percent in July. The median price was $390,100, virtually unchanged from $391,600 in July 2005. Palm Beach County condo sales dropped 28 percent, while the median price of $231,300 was 18 percent higher than the same year-ago period. Home sales in Miami-Dade County declined 38 percent, while the median price rose 5 percent to $382,200.

Condo sales decreased 12 percent, while the median price declined 11 percent to $252,000. While some South Florida real estate agents are optimistic, others are concerned that the market will get worse in the coming months as buyers wait for prices to fall. David Eiglarsh, an agent with ReMax Hometown in Weston, said he spends most days calling clients and persuading them to reduce asking prices. He predicts prices will continue dropping during the next six months to compensate for the "absurd" increases over the past few years. "I don't think it's going to get better [soon]," Eiglarsh said. "We're in a five-year cycle." Richard and Jackie Edwards put their three-bedroom Weston house on the market in June for $449,000 and already have found a buyer willing to pay $440,000. Richard Edwards, 55, general manager for an aviation hardware company in Fort Lauderdale, said sellers in a soft market must make their homes look especially attractive. He cleaned grout lines in the tile and painted his front door and garage floor. "We made sure it showed like a model," he said. "I really think that's the key." Selling wasn't nearly as smooth for Jacob and Sandy Lehtio, who had to reduce the price of their five-bedroom Miramar home seven times before finally striking a deal for $580,000. The closing is set for this week.

The Lehtios, who moved to Panama City, listed their home for sale in September, when the market was still hot. But they now concede their asking price, $723,000, was too high. Tired of carrying two mortgages, the couple were thrilled when a buyer finally stepped forward. "You basically have to decide when to cut your losses," Sandy Lehtio said. Statewide, home sales slipped 33 percent and were down in all 20 metropolitan areas, according to the Florida Realtors group. The state's median price of $250,800 was up just 1 percent over July 2005. Condo sales dropped 37 percent, and the median price fell 1 percent to $210,200. Nationwide, sales of existing houses, condos and townhouses dropped 11.2 percent from last July, the National Association of Realtors said.

The median price of $230,000 was up just 0.9 percent from July 2005, and marked the smallest year-over-year increase since May 1995. The nation's housing slowdown has hurt leading luxury builder Toll Brothers. The Horsham, Pa.-based company said this week that third-quarter profit dropped 19 percent, and Chief Executive Robert Toll said buyer reluctance is a result of an oversupply of homes for sale.

Josiah Diega

Real Estate News

Last Updated ( Thursday, 24 August 2006 )
 
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