Our readers in South Florida are probably getting used to seeing mixed reports regarding the local real estate market by now. The almost unprecedentedly strong rebound of the residential real estate market that has been occurring over the last several years appears to be cooling down. Fortunately, not all of the news is bad throughout Florida.
According to a recent report, although the South Florida real estate market saw a decrease in single-family home sales of over eight percent in November of this year when compared to 2015, statewide the information was much more positive. The market for single-family homes in Florida overall saw a 10 percent increase for sales and median prices. This could, at first, be viewed as bad news for the local market, but the reality is that it is probably better because it appears that the rest of the state’s housing market is catching up with the health of the South Florida residential property market.
The news on condo and townhome sales and median prices was similar. Statewide, sales of condos and townhomes in November increased over four percent from where those numbers stood in 2015, and median sales prices saw a robust increase of eight percent in that timeframe. In South Florida, those numbers, especially in Miami-Dade County, decrease by 11.4 percent and seven percent, respectively.
Of course, these reports don’t rule out individual areas in South Florida where the market retains its strength. Miami-Dade County, Palm Beach County and Broward County tend to be lumped together when statistics are analyzed, but deals can still be found for those who are contemplating whether now is the time to jump into residential real estate in the local area.
Source: bizjournals.com, “South Florida home sales rebound, condo sales slip,” Brian Bandell, Dec. 21, 2016