South Florida Real Estate Property Prices Are Really Starting To Pick Up As 2011 Comes To An End

22 December 2011

Back in November, property prices on South Florida homes were going up at a slow but steady pace compared to earlier months. However, median prices are starting to pick up on the South Florida real estate and the trend is looking to continue over the next couple of months.

Having had 1,064 sales on condominium properties in November within the Miami-Dade County area, the figures were able to go up by 2 percent from the same month of the previous year despite going down from the month before with a total number of condominium sales reaching 1,202.

Single-family home properties, on the other hand, had gone up by 11 percent to a total of 755 which had very little difference compared to the total number of sales from the month of October.

As far as the property sales within Broward County are concerned, condominium sales had gone down by 1 percent to a total of 1,089 which is a decline compared to the 1,150 that were sold in October which marks a 3 percent drop from the previous month despite having gone up 22 percent from the previous year.

The South Florida real estate market has been driven over the past few months by the fact that a significant percentage of buyers have been paying for their purchases in cash. Also, the fact that there has been quite a slowdown in foreclosures has made it possible for median prices to go up across the region with condominium units within the Miami-Dade County area going up around 18 percent to a value of $125,000 while single-family homes have been able to remain somewhat constant.

Similar trends have been going on as far as condominium units within the Broward County area which have gone up 19 percent to $75,700 whlie single-family homes have increased in values of up to 18 percent leading to a median of $195,600 across the area.

It going to be a truly pleasant way to end the year knowing that things are definitely looking good for the South Florida real estate market which has managed to catch up due to the fact that more than 60 percent of all transactions made within the region were paid for in cash — mostly by international buyers who have been looking to secure their investments during advantageous market conditions.

People that would like to catch up before property prices really go up at a high rate would find it best to check out available South Florida real estate property options so that any plans will be able to push through in time for the upcoming year.

Joan Vonnegut
Florida Real Estate