Home, Condo Sales Post Gains In February

MIAMI (CBS4) - While prices remain a mixed bag, sales of single family homes and condominiums showed moderate increases last month.

In Broward sales of single-family home increased by 16 percent, from 782 to 909, in February; sales of condos increased 19 percent from 1,138 in February 2010 to 1,357 last month.

Cash transactions represented 69 percent all sales in February, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service.

"After experiencing rising prices several times over the last few months, current figures reflect market strengthening and stabilization," said Terri Bersach, president of the Broward County Board of Governors of the MIAMI Association of REALTORS. "These numbers also reflect the increased buying activity we have seen since the beginning of the year."

Also on the increase were the prices at which single family homes were being sold. The average sales price increased 2.5 percent from $245,511 in February 2010 to $251,563 last month. Condos didn't fair as well. The average sales prices for condominiums dropped 21 percent, from $134,369 to $106,133.

In Miami-Dade, sales of existing single-family homes in February rose 21 percent in February and sales of existing condominiums increased 58 percent compared to a year ago.

While sales were up in Miami-Dade, prices were down. The average sales price for total single-family homes in the county dropped 7.9 percent, from $282,514 in February 2010 to $260,079 last month. The average sales prices for condominiums dropped 3.6 percent, from $ 212,757 to $205,027.

Short sales and foreclosures continue to have an impact on median and average sales prices for both single-family homes and condominiums especially in some areas of the county. In February, 70 percent of all closed residential sales in Miami-Dade County were distressed.

Statewide sales increased 29 percent for condominiums and 13 percent for single-family homes.