Increased Inventory Condo And Home Prices Are On The Rise In South Florida
South Florida is not only evolving but is also increasing in size and revenue. With this increased inventory comes more options for buyers and with the increase in the price of condos and homes, more money for sellers.
The Greater Fort Lauderdale Realtors said that in Broward County, existing homes and condos showed strong price gains in March, even though the price of sales were moderate and inventory was increasing. According to the Greater Fort Lauderdale Realtors, Broward County saw the increase of single-family homes go up to 1,210 closings in March, which was 0.9 percent. For an existing condo in Broward, the median price rose 25.7 percent while the listings rose 30.6 percent to 7,951. The positive thing is that most people who own homes have gained equity which helps them sell their properties without having to come up with money to pay off their mortgage at closings.
According to the Miami Association of Realtors®, in Miami-Dade County, the median resale price for a condo increased by 19.8 percent in March to $235,000. In the month of March, Miami-Dade single-family homes skyrocketed 10.5 percent and were up 31.2 percent from February. Just in the Multiple Listing Service in Miami-Dade, 6,074 single-family homes were for sale going up 23 percent from last year. Miami has also lifted their supply of single-family homes for sale to 5.1 months. The major blast of South Florida’s new development towers has aided in Miami-Dade’s rising inventory. They have had a supply of condos for sale for 7.5 months which is pretty amazing. With all of the inventory and fresh condos, it’s truly a buyers’ market. Get out there and start looking!