Miami, FL, August 22, 2008 --(PR.com
)-- Condo.com, the world's largest condo marketplace, recently released it's much anticipated Condo Market Intelligence (CMI) data for several key Florida markets including Miami, Fort Lauderdale, Palm Beach and Orlando. This data provides information on the number of multi-family home sales in these key markets as well as Average Sales Price and Average Price Per Square Foot. The number of listings for sale and rent by market is also a key component of the CMI. While overall the data confirms expected declines, there are some positive and stable markets indicating that all is not doom and gloom.
"We are excited to be able to release this new data which gives the industry good, reliable numbers on what is happening in the condo marketplace," says Richard Swerdlow, CEO of Condo.com. "We know the industry is hungry for this information and we have put an infrastructure into place to capture valuable data we release on a periodic basis," he added.
Some of the market trends identified through Condo.com CMI are:
Number of multi-family home sales for the 2nd quarter '08 increased in all markets from the prior quarter including Fort Lauderdale, Miami, Palm Beach and Orlando. The Orlando market leads the pack with the highest increase over last quarter of 45% with Palm Beach coming in with a 30% increase and Miami and Fort Lauderdale with increases of 22% and 17% respectively.
Not surprisingly, average sales prices went down in all markets except Palm Beach which experienced a 9% increase over the previous quarter. Orlando showed the biggest decrease in average sales price of 15% while Miami had a 6% decrease and Fort Lauderdale experienced a slight 1% fall in sales price.
Perhaps the most valuable statistic to compare markets is average price per square foot: Orlando's average sales price per square foot dropped 15% to $128. The average sales price per square foot in Fort Lauderdale dropped 2% to $154; Palm Beach's average sales price per square foot stayed the same as last quarter at $146 while the Miami market dropped 1% to $301.
The Condo.com CMI Report also includes data on the number of listings for sale and rent.
For-Sale Listing Data by Metro area as of August 1st, 2008:
Miami - 23,611 for-sale listings (3% decrease from July '08)
Avg Price/SqFt = $316 (2% decrease from July '08)
Fort Lauderdale - 18,020 listings (1% decrease from July '08)
Avg Price/SqFt = $209 (2% decrease from July '08)
Palm Beach - 13,627 listings (2% decrease from July '08)
Avg Price/SqFt = $192 (2% decrease from July '08)
Orlando - 6,252 listings (2% decrease from July '08)
Avg Price/SqFt = $157 (3% decrease from July '08)
For-Rent Listing Data by Metro area as of August 1st, 2008:
Miami - 6464 Rental Listings (3.36% increase from July '08)
Avg Rent/SqFt $1.95 (.5% increase from July '08)
Fort Lauderdale - 2693 Rental Listings (5% increase over July '08)
Avg Rent/SqFt = $1.36 (No change from July '08)
Palm Beach - 3,138 Rental Listings (8% increase from July '08)
Avg Rent/SqFt = $1.68 (1% increase from July '08)
Orlando - 680 Rental Listings (11% increase from July '08)
Avg Rent/SqFt = $1.02 (1% increase from July '08)
Condo.com (http://www.condo.com) is the world's largest condominium marketplace with over 600,000 listings valued in excess of $150 billion. The site receives over 1 million visitors monthly and is dedicated to the evolution and prosperity of the condominium real estate market. Condo.com improves and simplifies the way people buy, rent, sell, manage, market and enjoy the condo lifestyle. Condo.com lists condos for sale and for rent in the United States and 70+ countries around the world and cost-effectively delivers exposure and qualified leads to developers, brokers and for-sale-by-owners through the seamless distribution of its listings to a global network of real estate websites visited by over 15 million viewers per month. Condo.com is privately held and headquartered in Miami, Florida. For more information visit http://www.condo.com.
Contact: Wendy Croquet