Slowly, but surely, the South Florida Real Estate Market is showing signs of a new boom. Prices and sales of homes and condos are rising amongst a surge of new construction. The median sales price is being driven by strong demand and decreasing supply. According to data released in March of 2013 by the Miami Association of Realtors, condominium median sales prices in Miami-Dade, for instance, have risen 26.9% to $165,000 compared to the year before, and 6.5% compared to the previous month. As for single-family homes, the median sales price rose 10.9 % to $194,000.
More recent evidence of the South Florida Real Estate boom includes a rising number of sales in Miami-Dade and Broward counties. In February of 2013, 849 single-family homes were sold in Miami-Dade, which is an increase of 6.8% in a year. Sales of condos went up as well, 6.3% to 1,226 units sold. Brokers explain that inventory is low and that fairly priced properties sell fast. In Broward, a similar trend is taking place.
SOUTH FLORIDA REAL ESTATE MARKET
Brokers are saying that buyers are lined up and waiting for new properties to hit the South Florida Real Estate market. As soon as a home is listed on the market, buyers eager to make offers. What’s more, the majority of buyers are paying in cash. In Miami-Dade, for example, 78% of condo sales and 50% of home sales in February were cash deals. Many of these buyers come from all over the world, especially Brazil, Russia and the Americas.
Meanwhile, new construction is blossoming all over, making South Florida Real Estate even more desirable. From new homes being built in South Miami-Dade, like Briar Bay Estates, to futuristic condominiums like Marina Palms Yacht Club & Residences in North Miami Beach, sales centers have already reserved hundreds of units just after a month of having been open.