The year 2011 is off to a good start in the South Florida real estate market, according to a recent article in The Miami Herald.
The number of luxury condominiums and home sales in South Florida is resembling those levels seen in 2005. In fact, sales figures in Miami-Dade and Broward counties haven’t been this high in five years.
There were 1,262 sales of existing condos in Miami-Dade County in January, which is a 134 percent increase from January 2010, according to the Miami Association of Realtors
In Broward County, there were 1,318 condo sales in January, which is a 27 percent from the same month last year.
Single-family home sales in Miami-Dade and Broward counties increased by 55 percent and 18 percent respectively from January 2010.
A Shift to a Home Sellers Market?
Although area foreclosures continue to pull the median sales price for South Florida homes downward, experts are saying that the increased activity in South Florida home sales as well as the shrinking inventory of homes on the market may have a counter effect.
As South Florida home prices begin to rise, the market might switch from being a buyer’s market to a seller’s market.
South American buyers, enjoying a favorable conversion rate to the U.S. dollar, are expediting this switchover by investing in the South Florida real estate market in large numbers.
Still, the South Florida real estate market seems to be a buyer’s market at this point, as evident by some recently released data:
- The median sales price on Miami-Dade condos was $91,200 in January, which was a decrease of 36 percent from 2010.
- In Broward County, the median sales price rose slightly – by 2 percent – to $68,900.
- The median sales price for Miami-Dade single family homes fell 18 percent to $150,800 when compared to January 2010.
- The median sales price for Broward County single family homes dopped by 5 percent to $165,100.