As spring gets ready to give way to summer, there are all kinds of activities that begin to ramp up. Although South Florida usually has beautiful weather year-round, there is still a sense of seasonal change as local residents begin to take part in more summer activities, such as riding motorcycles, camping or just getting the boat out of storage and ready to hit the water. What’s another activity that usually hits a high note in the summer? House hunting.
Of course in South Florida looking for a new home probably seems to be quite a daunting task to any buyers in the residential real estate market. Residential development has been ramping up over the last couple of years as demand for property in the local area has surged. But there are still deals to be had, and a recent report offered just a tiny bit of good news for house hunters – prices are dropping slightly.
According to the report, home prices throughout South Florida dropped .2 percent from January to February of this year. That’s the good news; the bad news for potential home buyers is that the February prices were still 16 percent higher than they were in February of last year. However, the month-to-month drop in prices from January to February this year was consistent with the majority of other major metropolitan areas.
The main takeaway from this recent report is that the realm of residential property in South Florida remains a seller’s market. That isn’t likely to change anytime soon either, as the summer buying season could see more house hunters getting into bidding wars for their dream homes while sellers sit back and smile.
Source: The Palm Beach Post, “South Florida home prices take slight dip in latest sales study,” Kim Miller, April 29, 2014