Sales of single family houses, including non-foreclosed and repo homes, have increased in Florida in February 2011 compared with one year ago. The increase in February marks the third month in a row that sales of existing dwellings have jumped in the region. Meanwhile, condominium unit sales also climbed during the month.
According to data released by Florida Realtors, repo houses in Miami and other existing houses in the region recorded a 13% jump in sales in February of this year compared with the same 2010 month. Condominium sales, on the other hand, rose by 29% over the same period. However, prices continue to plummet as selling rates for houses dipped by 2% compared with a year ago, while condo prices declined by 14% over the same period.
Housing market analysts attribute the decline in prices to more buyers finding repo properties in Florida to be much to their liking than newly-built or regular dwellings. In the South Florida market, all counties recorded a surge in sales, but Broward was the only area that posted an improvement in housing prices. The Broward County median price for a home sold in February increased by 22% to reach $167,000, while condo prices jumped by 4% to $67,100.
The number of repo homes and existing dwellings sold in Broward County in February of this year reached a total of 909; up by 16% from one year ago. Condominium sales, on the other hand, reached a total of 1,357, representing a surge of 19% from year-ago levels. Meanwhile, Miami-Dade County recorded the biggest decline in condominium prices, with rates declining by 25% to around $94,000 from a February 2010 median rate of $126,100.
A total of 859 condo units were sold in Miami-Dade during the month; up by 58% from the same 2010 period. In terms of single family residences, a total of 540 foreclosed VA homes and other existing houses were sold in the region, representing a jump of 21% from year-ago figures. The median selling rate of existing houses in Miami-Dade in February 2011 was $147,900; down 23% from one year ago.
Palm Beach County also posted a rise in condo sales, totaling 978 units for the month and up by 40% from last year. Condo prices plummeted in Palm Beach by 20% to $77,800. In terms of existing homes, a total of 738 repo homes and non-foreclosed existing dwellings were sold in the area, rising by 32% from last year. Prices, on the other hand, dropped by 6% to $205,400.
Sales of Repo Homes and Existing Dwellings Up in Florida is a post from: Foreclosure Homes Investing