The condo market in Miami Dade County saw an even bigger jump. In the second quarter. There were 4,140 sales compared with 2,550 during the same time last year. That is an increase of 62% year over year.
Of course, a major reason for the steady increase in sales has been a steady decrease in prices. In Miami-Dade County, for instance, single-family home prices slipped 9% to $178,800 and condo prices fell 6% to $119,800.
The outlook for the rest of the year is uncertain after the United States debt downgrade that could impact mortgage rates and investor confidence. Foreclosures are also on the rise again, although they remain far below year ago levels.
Moreover, international buyers have recently been rather aggressive purchasing distressed properties here in South Florida. However, if international purchasers shy away from these discounted opportunities because of the recent economic volatility in the United States market, it could make the real estate recovery here in south Florida last that much longer.
Nonetheless, today’s real estate market presents wonderful opportunities to purchase real estate. The combination of low prices and historically low interest rates makes it in a once in a lifetime buyer’s market.
If you are interested in either buying, or selling, your property, please contact us today. We are prepared to assist you with your transaction and your real estate needs.