Anyone who is familiar with the reports concerning the residential real estate markets in South Florida, knows that most of the reports are positive, particularly for sellers. Residential property in South Florida has been pretty hot, unlike some other areas in the country. But, according to a recent report, the market for residential real estate in the local area may be settling down into a steadier, more predictable condition.
The reports indicate that home prices throughout South Florida rose in March of this year -- always a good sign for sellers. However, actual sales of residential property slowed down a bit, potentially indicating that the market isn't so hot that bidding wars are a constant presence.
The year-over-year numbers showed that home prices rose 9 percent in Palm Beach County, 8 percent in Miami-Dade County and 3 percent in Broward County. In terms of sales, Broward County saw an increase, but both Palm Beach County and Miami-Dade County saw decreases.
Overall, the South Florida residential real estate market still, for the most part, favors sellers. Home values remain high, as do median sales prices. But, inventory for residential real estate will continue to grow as residential development shows few signs of slowing down in the local area. As buyers continue to show restraint and patience before entering into real estate transactions, the market condition appear to be headed toward a more leveled-off condition. Changes in real estate markets can be unpredictable, which is why it is always a good idea to get as much information as possible before entering into a real estate transaction.
Source: Sun Sentinel, "South Florida's home prices inch higher in March," Paul Owers, April 20, 2016