A recent post here covered a report that the condo part of the residential real estate market in South Florida has seen at least some signs of slowing down. As always, that kind of news is, in general, good news for potential buyers and bad news for sellers. Now, another report has come out that could be a negative for another sector of the residential property market.
A recent report states that sales of single-family homes in South Florida – particularly in Broward County, Miami-Dade County and Palm Beach County – decreased nearly 14 percent in July of this year when compared to July of last year. For those who still remember the darkest days of the housing bubble burst a few years back, this could be ominous data. However, there may be a silver lining.
The report also indicated that, while the number of sales may have seen a sharp decline, the median sales price for those that did sell saw a significant increase. The median sales price for single-family homes in South Florida in July of this year stood at $314,250, which was up 6.9 percent from July of last year.
On whole, the article notes that, when all of the data concerning the South Florida real estate market is viewed in aggregate, the reality is that the local market is simply becoming more balanced. A balanced market means there isn’t much of an advantage for either buyers or sellers. Still, anyone who is interested in getting into the local market right now, either as a buyer or a seller, may need to get additional information as the market seems to begin to enter a state of flux.
Source: South Florida Business Journal, “South Florida home sales suffer double-digit drop in July,” Brian Bandell, Aug 24, 2016