Residential real estate resales in South Florida dropped by -4 percent in 2008 to 34,915 transactions compared to 36,366 in 2007, according to a new report from Condo Vultures® LLC using data from the Florida Association of Realtors.
The Greater Miami metropolitan area experienced a -19 percent drop in transaction as 8,959 residential properties closed in 2008 compared to 11,061 in 2007, according to the report by the Bal Harbour, Fla.-based consultancy.
The overall regional drop in sales would have much deeper if not for slight increases percentage wise in Greater Fort Lauderdale and the West Palm Beach to Boca Raton metropolitan areas.
Fort Lauderdale experienced a 2 percent increase in resales in 2008 with 12,928 transactions closed compared to 12,660 in 2007.
In the West Palm Beach to Boca Raton metropolitan area, the closed sales increased by 3 percent to 13,028 in 2008 compared to 12,645 in 2007, according to the data.
Statewide, resales were down -6 percent in Florida with 162,012 transactions occurring in 2008 compared to 171,720 in 2007, according to the data.
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 check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2009, Condo Vultures® LLC
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