Things are looking bright for home sellers in the Sunshine State as home prices continue to rise. However, those interested in residential real estate in South Florida, specifically, may be interested to learn that the sales momentum today is slowing down. This means that home buyers are broadening their housing choices.
In Miami-Dade County, the median home price increased in April to more than $240,000 -- a jump of 8 percent from last year. In addition, this price is more than 3 percent higher than the price in March. Meanwhile, the median price of a condo increased by more than 10 percent from last year, now lingering at more than $190,000. Still, this price has dropped more than 3 percent since March.
The data shows that there seems to be more balance between sellers and buyers today than there has been in the recent past. The market essentially is stabilizing. With Florida home prices increasing so much during the past couple of years, sellers are optimistic about making profits on their sales. Still, whereas buyers in the past have been willing to pay the asking price or even go above this price, now buyers are waiting to take advantage of price reductions.
Condo construction is especially contributing to a swelling in the number of condos available for purchase. Investors are also continuing to play significant roles in South Florida’s housing market. Those who are seeking to embark on residential real estate deals this summer may benefit from mastering a working knowledge of the law; in this way, they can increase their chances of having their deals go through with minimal risk and in accordance with their personal goals.
Source: Miami Herald, "South Florida existing home prices rose in April, despite slowing sales momentum", Martha Brannigan, May 22, 2014