Consumer

Home Prices Up In Miami-Dade, Broward

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(Source: CBS)

(Source: CBS)

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MIAMI (CBSMiami) – Home prices were up across the board in Miami-Dade and Broward counties in January.

That’s according to the Miami Association of Realtors which said in January the average sales price for single-family homes in Miami-Dade increased 40.4 percent, from $238,527 in 2011 to $334,952 in 2012. The average sales prices for condominiums jumped 45.2 percent, from $171,077 to $248,443.

“Home prices in Miami are significantly rising and sooner than expected, as the Miami real estate market continues to outperform the rest of the nation, mostly due to the strong impact of international buyers,” said Martha Pomares, 2012 Chairman of the Miami Association of Realtors.

But while prices were up, sales dropped slightly.

Sales of existing single-family homes in Miami-Dade were down three percent in January, from 676 to 659, compared to January 2011. Sales of condominiums dropped 16 percent, from 1,262 to 1,058, compared to January 2011.

Statewide sales of existing single-family homes totaled 12,044 in January 2012, down 5.5 percent compared to a year-ago.

In Broward, the average sales price for total single-family homes increased 0.4 percent, from $246,579 to $247,635. The average sales prices for condominiums rose 11.2 percent, from $105,895 in January 2011 to $117,795 last month. Broward condo prices have increased 12 out of the last 13 months.

“Despite a significant percentage of distressed sales, prices continue to rise. Loosening unnecessarily strict lending standards would further enhance the performance of the Broward real estate market,” said Broward realtor Rick Burch.

But while prices were up, sales were a mixed bag.

According to the realtors’ group, sales of single-family homes were up 15 percent compared to January 2011 but condo sales dropped 16 percent compared to a year earlier.

But while prices in South Florida saw an increase, nationwide it was a different story.

Home prices fell modestly in the fourth quarter of 2011, according to the Federal Housing Finance Agency’s ‘purchase only’ price index. Overall, for 2011, seasonally adjusted prices fell 2.4 percent from the fourth quarter of 2010.

The FHFA ranked Florida 35th in the nation for price appreciation in the last year.

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