A successful real estate closing is the ultimate goal for both buyers and sellers in the housing market. Readers familiar with previous posts here probably know by now that a lot of successful closings appear to be taking place throughout the South Florida region, as the local housing market has seen a thriving recovery in recent months – an exception in an otherwise continually lackluster national market. A recent article detailed some data on the South Florida market which shows a continuing trend of upward growth in residential real estate.
According to the article, Palm Beach County, Broward County and Miami-Dade County all saw increases in housing prices in February of this year when compared to January of 2013. Broward County prices reportedly saw an increase of .4 percent. The increase in Miami-Dade County was at .5 percent. And the biggest increase was seen in Palm Beach County, with a rise in prices of 1.1 percent.
This type of data shows that residential property in South Florida will continue to be categorized within a “seller’s market.” The article also pointed out that these types of conditions will likely lead to more residential development throughout the rest of the year, and perhaps beyond.
Even though the residential real estate market is currently a seller’s dream, a strange dichotomy is developing in the area where non-residential property is lacking in the same type of demand. The same article detailing the positive residential data also pointed to a sharp decrease in non-residential contracts. That could change, however, if residential real estate agreements begin to set the tone for the overall market and lead investors and businesses back into the South Florida area.
Source: South Florida Business Journal, “South Florida home pricing rises 10 percent in February,” Oscar Pedro Musibay, April 3, 2013