Real estate ends '06 with gains
South Florida Business Journal - January 25, 2007

Despite all the cries about the real estate bust, year-end median prices for both existing single-family homes and existing condominiums did manage to rise in every part of South Florida, with the exception of a 1 percent drop in median single-family home prices in West Palm Beach-Boca Raton.

In numbers released Thursday, the Florida Association of Realtors put the single-family home median price increase at 2 percent in Fort Lauderdale, to $367,800 from $361,100, even though the number of homes sold declined 26 percent, to 8,373 homes in 2006 from 11,331 homes the year before.

In Miami, the median price rise was 7 percent, to $375,800 from $351,200, as the number of single-family homes sold fell 21 percent, to 8,692 homes from 11,016 homes.

Even with its 1 percent decline, to $384,700 from $390,100, the median home price in West Palm Beach-Boca Raton remained the highest in the region. The number of homes sold dropped 37 percent, to 8,640 homes from 13,679 homes.

"The housing market transitioned to a more sustainable balance during 2006, coming off the record-setting sales pace and price gains of the previous five years," FAR President Nancy Riley said.

Statewide, median prices rose 6 percent, to $248,300 from $235,200. The number of homes sold dropped 28 percent, though, to 180,037 homes from 248,575 homes.

Near South Florida, the number of homes sold fell:

• 25 percent in Fort Myers-Cape Coral, to 9,189 homes from 12,273 homes, as median prices fell 3 percent, to $272,300 from $281,900
• 28 percent in Fort Pierce-Port St. Lucie, to 4,965 homes from 6,923 homes, as median prices were basically flat at $253,200, up from $254,000
• 28 percent in Melbourne-Titusville-Palm Bay, to 5,830 homes from 8,098 homes, as median prices fell 3 percent, to $219,400 from $226,200
• 41 percent in Naples, to 2,863 homes from 4,846 homes, as median prices were flat at $486,500. The Naples numbers are incomplete, though. FAR said it did not have information available from the Marco Island Association of Realtors for April and November 2006, or from the Naples Area Board of Realtors and Association of Real Estate Professionals for December 2006.
• 24 percent in Punta Gorda, to 3,050 homes from 4,029 homes, as median prices fell 1 percent, to $218,000 from $219,700

Condos see regional price gains, too

Existing condos in South Florida saw double-digit price gains over the year in Fort Lauderdale and West Palm Beach-Boca Raton, while Miami barely eked out a rise.

The 14 percent jump in median prices in West Palm Beach-Boca Raton was to $220,400 in 2006 from $193,100 the year before. At the same time, the number of units sold declined 28 percent, to 6,139 units from 8,558 units.

In Fort Lauderdale, the 10 percent median price rise was to $208,600 from $189,900, while the 32 percent decrease in units sold pulled that number to 8,996 units from 13,253 units.

The Miami price median rise was 1 percent - to $257,500 from $255,100 - even though the 24 percent decline in units sold was to 9,822 units from 13,009 units.

In the state as a whole, condo median prices also increased 1 percent, to $211,300 from $209,900, as the number of units sold declined by one-third, to 55,594 units from 83,049 units.

Near South Florida, the number of condo units sold fell:

• 48 percent in Fort Myers-Cape Coral, to 2,130 units from 4,104 units, as median prices rose 14 percent, to $298,800 from $261,900
• 31 percent in Fort Pierce-Port St. Lucie, to 807 units from 1,172 units, as median prices rose 8 percent, to $203,700 from $189,400
• 69 percent in Melbourne-Titusville-Palm Bay, to 1,199 units from 3,837 units, as median prices fell 7 percent, to $195,100 from $210,600
• 54 percent in Naples, to 2,194 units from 4,737 units, as median prices rose 4 percent, to $385,600 from $370,500. The information had the same gaps as the Naples single-family home numbers.
• 27 percent in Punta Gorda, to 584 units from 800 units, as median prices fell 8 percent, to $168,600 from $183,800