For most of the rest of the country the summer months represent the prime buying time for residential real estate. It really isn’t that hard to see why, since most other states have to deal with changing weather in a way that South Florida doesn’t have to worry about. As a result, people are more likely to spend time driving from house to house in the summer months, as they try to gauge which new home would serve their family best. The strange thing is, however, that the summer months seem to have been great for South Florida real estate just the same.
According to a recent report, the summer months were actually very good to home sellers in South Florida, with the data from August showing quite a jump in prices for existing homes. It seems that Broward County led the way for price increases in August, as the median price for a single-family home in that county stood at $270,500 – up 25.8 percent from August of last year. Miami-Dade County also came in with great numbers. The median price for a single-family home in that county was $235,000 in August – up 20.5 percent from August of last year.
Although these numbers are encouraging, they should hardly be surprising for our South Florida readers who are familiar with previous posts here. The trend of good news for the local real estate market just seems to continue going strong, even as residential development is beginning to bulk up the inventory in the area.
The real question for now appears to be just how long the good times will roll in South Florida. The recovery of the real estate market throughout Palm Beach County, Broward County and Miami-Dade County has been one of the bright spots in an otherwise stagnant national market. It could be that way for the foreseeable future.
Source: Miami Herald, “South Florida existing home prices up sharply in August,” Martha Brannigan, Sept. 19, 2013