There is more good news to potential home sellers on the South Florida real estate market!
According to a recent article in the Miami Herald, both the total number of homes sales and the median sales price are on the rise!
This is the case in both Miami-Dade and Broward counties, signaling that the local housing market is indeed recovering!
South Florida Homes for Sale
Here are some of the highlights from the recent article on South Florida real estate:
- From July 2011 to July 2012, the median price of a single-family home in Miami-Dade rose 2.8 percent to $185,000.
- That marks the eighth consecutive month of rising single-family home prices in the county.
- Meanwhile, the total number of residential sales (which includes single-family and condos) increased by 11 percent to 2,201, when compared year-over-year.
- In Miami-Dade County, the total the total number of residential listings dropped 27 percent from July 2011 to July 2012 – from 15,727 to 11,454. This is a good indication for a strong market because it means housing inventories are reaching healthier levels.
- In Broward County, the inventory of homes dropped by 50 percent – from 9,884 in July 2011 to 4,964 in July 2012.
- Also in Broward County, the sale of existing single-family homes increased by 19.9 percent year-over-year.
- And the median price of a single-family home in Broward County increased by 13.2 percent – from $190,000 in July 2011 to $215,000 in July 2012.
- Also between July 2011 and July 2012, the number of sales of existing condos and townhomes in Broward County increased by 3.8 percent.
- And the median condo and townhome price in Broward County increased by 14.5 percetn to $85,900.
- In Broward County, single-family home prices remained flat year-over-year, while townhome and condo prices dropped about 2.2 percent – from $85,900 to $84,000.
- In the entire state of Florida, the median price for single-family homes increased by 7.8 percent to $148,000 year-over-year.
- And the number of homes on the market dropped 32.6 percent year-over-year.
So what is driving all of this positive activity on the South Florida real estate market?
Ron Shuffield, president of our company Esslinger-Wooten-Maxwell, explained to the Miami Herald: “We’re down to a three-month supply of homes in Broward and a four-month supply in Dade,” he said. “That metric is the most important one in our business. When those numbers go down, prices are going up.”
Listing Your South Florida Home for Sale!
Things just keep getting better for South Florida home sellers!
If you’ve been considering lately whether to list your own South Florida home or condo, please contact me, Scott Patterson.
I’ll be happy to discuss with you the best way to navigate the market right now as a home seller as well as explain to you the exclusive South Florida marketing plan I offer clients.
In the meantime, I invite you to take some time to browse my various South Florida home selling resources, which include:
Until next time,
Scott