According to the South Florida Business Journal, sales are up. Sales are up in the entire State of Florida, and in South Florida. However, and while the news regarding the increased sales pace is positive, prices have yet to follow as foreclosures and short sales continue to dominate the housing market both statewide and locally.
West Palm Beach was the exception in the try-county area. Not only did it see a jump in home sales by 23 percent – 843 homes from 685 the previous year – but the median price rose 8 percent, to $246,100 from $228,100.
In Miami, the median price slid 4 percent, to $197,500 from $205,600 from the previous year. However, homes sales rose 17 percent, to 649 from 556.
It should be noted that this trend was experienced not in South Florida, but statewide and nationwide. The National Association of Realtors latest outlook anticipates a rise in home sales in late spring, which should help to absorb inventory. Increased pending sales is a positive sign for home prices, which are continuing to stabilize.
The newly extended homebuyer’s tax credit program coupled with the high inventory of real estate, thanks in large part to the ongoing foreclosure crises, are the catalysts that are driving the current upswing in real estate sales.
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Please contact our office today to discuss the current real estate trends and to determine what you’re current real estate needs are, and if we could be of any assistance to resolve those issues for you.