What Future Buyers Need to Know about the South Florida Housing Market

16
Jun

Miami condos for Sale

The Miami real estate market continues to recover, and proof of this is what occurred in April. During that month, the average purchase price of Miami single-family homes was $225,000, and this was an increase of 23.7 percent over last April’s average purchase price. The average purchase price of Miami condos for sale increased to $175,000, and this is a 17.1 percent increase over the same time period.

 

In April, inventory for single-family homes decreased by 6.9 percent, but this did not prevent an increase in sales for these properties. At that time, 1,094 single-family homes were sold, and this was an increase of 15.2 percent in the Miami-Dade area.

 

Miami-Dade also saw an increase in the number of condominium homes sold. There was only a 1.1 percent increase in the number of listings for the area in April, but there was an 18.7 percent increase in sales over the previous year. In April, there was high demand for condominium homes and an increasing number of sales expected, so it was estimated that Miami-Dade had only 5.7 months worth of inventory remaining. Last year, the market had enough inventory to last 6.1 months during the month of April.

 

Real estate agents know that there is a lack of inventory, so they are astonished that people are purchasing properties at greater numbers as time goes by. The Chairman of Miami Realtors Natascha Tello stated that sales weren’t expected to surpass 2012 levels because of the limited number of supply and the past two years of record-setting sales, but the opposite is happening.

 

The housing market in Broward County is experiencing the same phenomenon. Greater Fort Lauderdale Realtors stated that the average purchase price for a single-family home increased by 22 percent over last April’s purchase price to $250,000. The Realtors’ Group declared that average prices for condominium homes and townhouses increased by 24 percent. In April 2013, people were paying the average price of $105,000 for these types of properties.

 

Charles Bonfiglio of Greater Fort Lauderdale Realtors offered an explanation for current market trends. Those who have been waiting to list their homes on the market believe that now is the time to do so because it’s very likely that they will receive their asking prices or something very close to them.

 

According to the Realtors’ Group, Broward homeowners only received 91.6 percent of their asking prices in 2012. This year in April, homeowners received 94.8 percent of their asking prices. Sellers of condominiums and townhouses saw similar numbers. Last year, they received 91.6 percent of their asking prices, but they received 94.4 percent of their asking prices this year in April.  

 

All over Florida, housing markets are recovering, and this was very evident in April when housing prices and sales increased by double digits. For example, the average purchase price of single-family homes was $165,000 in April, and this was a 14.2 percent increase over the year before.

 

 

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