The Real Deal Miami

Market revival makes spotty progress

July 10, 2008 11:26AM

Despite an increase in overall home buying activity statewide in May, the Florida Association of Realtors showed only three sales in West Kendall, according to statistics from the Multiple Listing Service. While the report doesn’t include homes sold directly by owners or new homes sold by developers, it does track about 80 percent of sales activity, and the results show wide disparities. The median home price in Miami-Dade and Broward counties dropped roughly 20 percent compared to a year ago. In Broward, about 651 houses and condos listed for less than $199,000 exchanged hands in May, more than in any other price range. Yet in Weston, prices fell 30 percent. Regionally, sales rose for the third consecutive month, while locally there were declines in Homestead, North Miami and in the area of Pembroke Pines east of I-75. The number of homes for sale in those communities rose, according to the data from the MLS. The median condo price in Miami-Dade stayed flat compared to a year ago at $376,000.