The number of condominium units on the market in the Greater Miami-Fort Lauderdale area has jump 21 percent to nearly 50,000, according to the Miami Herald.
The region of Miami-Dade and Broward counties had 49,917 units for sale at the end of November, up 8,586 units compared to a supply of 41,331 in November 2006.
Still, condo sales in Greater Fort Lauderdale are off only 23 percent from last year while deals in the Miami area plummeted 53 percent.
Surprisingly, Miami's median sales price for a condo is up 3 percent to $264,700 from last year's level of $257,400. Pricing in Greater Fort Lauderdale is down 17 percent to $166,700 compared to $199,700 a year ago.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to sign up for Peter’s weekly Market Intelligence Report.
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That the median condo price is up should come as no surprise in a market largely dominated by new construction. In 2007 many people closed on high priced condo's that they tied up many months before and this would pull the market up. Furthermore, the quantity of high priced condos has increased dramatically with the "east of 95" corridor new construction added to the average. An interesting statistic would be condo prices of units at least 5 years old.
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