Many real estate experts in South Florida are keeping a close eye on a number of indicators that may help them to decipher where the market is headed over the course of the next couple of months. Among the many factors, there are few that are obvious: the number of sales and the median sales price. According to a recent report, those two figures presented conflicting data for the month of October.
The report indicates that, on the bad side, the number of sales of existing single-family homes in the South Florida market declined in October. Palm Beach County saw a decline of 9 percent when compared with October of last year, while Broward County and Miami-Dade County both saw a decline of 13 percent. As many of our readers probably know, a slowdown in sales could portend an overall cool-down of the residential real estate market.
But, the data wasn’t all bad. The median sales prices for residential property in the South Florida area actually increased in October. Miami-Dade County saw the biggest increase: a 17 percent jump when compared to median sales prices from October of last year. Prices in Broward County rose 12 percent, while Palm Beach County saw an increase of 9 percent.
Still, even as prices continue to rise – a trend that has been holding steady for the last four years – the recent article noted that some view the South Florida real estate market as a “buyer’s market.” Inventory has increased over the last several months, leaving buyers with plenty of choices.
Source: Sun Sentinel, “South Florida home prices rise in October despite sales declines,” Paul Owers, Nov. 22, 2016