Miami Real Estate news

A good sign for real estate in South Florida as the year comes to an end: Sales of both existing single-family homes and condominium units in the region’s major urban centers were mostly up in November, with West Palm Beach-Boca Raton leading the charge.

November’s results dovetail with sales throughout the state, which are trending upward into 2012, according to three leading U.S. economists.

West Palm Beach-Boca Raton recorded 943 sales of existing single-family homes in November, a 36 percent increase from the year prior. West Palm Beach-Boca Raton also recorded 918 sales of condos in November, a 19 percent increase from the same time last year, according to Florida Realtors .. .

Existing single-family homes sales in Fort Lauderdale were up 22 percent in November, to 961. The city recorded 1,099 condo transactions, which was flat compared to November 2010.

Miami, which is usually running the table, had 755 single-family home sales in November, an 11 percent increase, and 1,064 condo sales, a 2 percent growth.

It is likely that part of the driver behind West Palm Beach-Boca Raton’s strong performance is pricing, which was down in November 2011, while South Florida’s other communities saw their pricing climb.

The median sale price for existing single-family homes in West Palm Beach-Boca Raton was down 12 percent, year-over-year, to $183,700 in November. Condo pricing dipped 2 percent, to $77,700.

Median pricing for existing single-family homes in Fort Lauderdale was up 18 percent, to $195,600 in November, while the median price for condos rose to $75,700, a 19 percent increase.

Miami’s median price on existing single-family homes was flat in November compared to a year ago, and the median condo price was up by 18 percent, to $125,000.

Overall, the state’s existing home and existing condo sales continued to climb, with home activity up 11 percent, to 12,993 transactions.

Sales in Florida have the same upward momentum, partly due to the fact that lenders are dealing with distressed properties better, Florida Realtors chief economist Dr. John Tuccillo said.

“It’s really clear that two things are happening in Florida real estate,” he said in a statement. “No. 1, sales are moving upward – not by a large increase, but definitely, positively on an upward trend. Second, prices are stabilizing. Now, it doesn’t mean that prices have turned around but they are stabilizing, and that’s vital for the market to gain equilibrium.”

Existing single-family homes generated a national median sales price of $161,600 in October, a decrease of 5.8 percent from a year ago. The statewide median sales price for existing homes remained relatively flat, at $130,100.

The national median existing condo sales price in October was $160,300. The statewide existing condo median sales price was $86,700, a 4 percent increase from the same time last year.

“In recent weeks, we’ve seen encouraging reports of jobs growth and improvements in Florida’s economy,” 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties .. in Hobe Sound and Mariner Sands Country Club in Stuart, said in a statement. “Mortgage rates have remained at record lows, and home prices appear to be stabilizing in many local markets across the state – all positive signs for the housing recovery.”

Seventeen of Florida’s metropolitan statistical areas had more sales of existing single-family homes in November; 10 MSAs had higher existing condo sales.

For context, the interest rate for a 30-year, fixed-rate mortgage averaged 3.99 percent in November, down from the 4.3 percent average during the same month in 2010.