South Florida Real Estate Update - Prices on Properties for Sale drops

The good news is that homes sales increased unexpected last month on a national scale. Sales actually rose by 2.9 percent.

The bad news is that home sales in South Florida fell in both price and amount of properties sold.  Last February Broward County's sales for the month were 360, while the year before the month of February 498 home sales.  Palm Beach County's sales went from 401 last month to 560 this time last year.

Second to that is that the median price of a single family house in Broward County dropped 15 percent compared from last February to this February, which in real terms means from $362,000 to $307,000. Palm Beach County's drop in median price was less severe at only 8 percent, from $374,300 to $344,600.

Not suprisingly the condo market took a bigger hit in Broward and Palm Beach. Broward's median price went from $194,800 a year ago to $139,700 today, which represents a 28 percent drop. Palm Beach felt a similar dip at 24 percent which means prices went from $209,600 to $159,300 in the month of February last year and this year.

What does all that mean in the end?

It is a great time to buy if you have nothing to sell.

This information was released today by the National Association of Realtors and the Florida Association of Realtors.