Shocking news for our regular South Florida readers: the residential real estate market shows no signs of slowing, with a recent report showing a double-digit jump in both prices and sales in at least two local counties. Prices have been rising for quite a while, so it should be no surprise that an increase in real estate transactions is continuing to push numbers higher.
For sellers in Broward County and Miami-Date County, the hot-streak in the area will only do more to put smiles on a lot of faces. Real estate of all kinds, including both single-family homes and condos, are part of the seemingly ever-increasing demand in South Florida.
Miami-Dade County saw a huge jump in the year-over-year numbers for median prices on single-family homes. When July of 2012 was compared to July of 2013, the increase was a whopping 25.7 percent - up from $183,000 in 2012 to $230,000 in 2013. Condos in Miami-Dade County saw an even larger jump of 33.3 percent.
Not to worry Broward County residents, there were similar jumps in that area. Single-family homes saw a median price jump of 27.9 percent - up from $215,000 in July of 2012 to $275,000 in July of this year. Condos prices in that area also increased, but at a little less than the increase in Miami-Dade County: an increase from $84,000 in July of 2012 to $108,000 this year, a jump of 29.2 percent.
Most realtors would probably tell our readers that the spring and summer months are the go-to time of year for increased home and condo sales, and the numbers here reflect that line of thought very well. It doesn't seem like there could be a better time to be selling real estate in South Florida.
Source: Miami Herald, "South Florida home sales, prices rise by double digits in July," Martha Brannigan, Aug. 21, 2013