Home sales have increased and the median home sales price is on the rise.
Continue reading to learn more about recent South Florida housing market activity to see how it compares to recent years.
Properties for Sale in Broward and Miami Dade Counties, Florida
Here’s a brief overview of what Mr. Shuffield reported about recent South Florida housing market activity:
- In Miami-Dade County, the median price for a single-family home so far in 2012 is $200,000, up 12 percent when compared to the year before.
- In 2011, the median price was about $150,000.
- Also in Miami-Dade County, the median price for a condominium so far in 2012 is $150,000, up 21 percent when compared to the year before.
- In Broward County, the median price for a single-family home in 2012 is $216,000, up 14 percent from 2011.
- And the median price for a Broward County condominium in 2012 is $85,000, up 9 percent from 2011.
Mr. Shuffield explained that low sales prices, record low interest rates and affordable housing inventory at the foreclosure stage have driven the recent sales South Florida has seen.
As a result, available and affordable South Florida housing inventory is dwindling quickly.
For instance, in 2011, sales of foreclosed homes made up 65 percent of all home sales in South Florida. Now they represent 50 percent of all sales.
Your South Florida Real Estate Expert
Watch the video above to learn even more about why South Florida home buyers stand to gain a lot on the Miami-Dade and Broward County real estate markets.
I have years of experience successfully helping buyers find a home that meets their wants and needs as well as lifestyle in such markets as:
- Aventura real estate
- Bal Harbour real estate
- Davie real estate
- Hallandale real estate
- Sunny Isles real estate
- And others!
Until next time,