South Florida Waterfront Property Values Holding Strong

A recent article in The Miami Herald addressed property value trends in different segments of the South Florida real estate market.

The article found that while distressed properties in Miami-Dade County are pulling sales prices down in some South Florida areas, new construction and non-distressed resales are actually doing quite well!
The segment of the South Florida real estate market that is doing best, according to a well know property appraisal firm, are the non-distressed resales in the coastal communities of Miami-Dade County.

In that segment of the South Florida real estate market, sales are comparable to 2005 levels.

And if you don’t consider the area’s foreclosures and short sales, sale prices are steady.

South Florida Real Estate Market

Here’s some of the other South Florida real estate market data that the Miami Herald recently reported:

  • There were 5,101 existing home sales in the first quarter in the South Florida coastal market.  This is the highest it’s been in five years.
  • The average sales price for non-distressed home in the coastal communities of Miami-Dade County was $482,870, which is an increase of about 0.4 percent.
  • List prices and sales prices are more closely matching up now.  For instance, the difference between list and sales price went from 11.6 percent last year to 8.3 percent this year.

All of this means that the South Florida real estate market is starting to return to stable conditions in which it’s not skewed toward a buyer’s market. This is no doubt great news for South Florida home sellers.

Listing Your South Florida Home for Sale

If you’re thinking about selling your South Florida home, then contact me, Scott Patterson.

As your South Florida real estate expert, I have real estate experience in several of the South Florida communities, including Aventura, Bal Harbour, Davie, Hallandale, Hollywood, Golden Beach and Sunny Isles.

When you list your South Florida home with me, I’ll work hard to ensure that we get the best sales price on your home and in as little time as possible.

Until next time,
Scott

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