Anyone who is familiar with previous posts here knows that it is important to check the “pulse” of the housing market before jumping into any residential real estate transaction. Doing so can be important for both potential buyers and sellers, as checking the facts regarding the current state of the market can help either party determine when is the right time to buy or sell residential property. One key factor is stability.
In South Florida, the housing market has been ranked by Freddie Mac as one of the most stable in the country. Not only is the South Florida housing market stable, but it is also showing improvement. Since 2010 – a year that could be considered the “doldrums” of the housing crisis – the South Florida housing market has doubled its scoring metrics in the stability factor.
Yes, there is stability, but there are also some measurements that might indicate that South Florida, for the moment, remains a seller’s market. The median prices for a single-family home in all three South Florida counties – Miami-Dade County, Palm Beach County and Broward County – remain somewhat high: over $300,000.
Residential development in South Florida doesn’t seem to be quite keeping pace with demand and, as a result prices for existing residential real estate may continue to rise. However, it appears that prices are not fluctuating too much to have a serious impact on the overall stability of the South Florida housing market. But factors can change, so anyone who is thinking about entering into a real estate transaction will likely need to get the best information about the market at any given time.
Source: Sun Sentinel, “Freddie Mac: South Florida housing market continues to improve,” Paul Owers, July 27, 2016
