A surge of Broward County’s residential median sales price with a 21 percent gain last month placed it in tenth place overall in the nation as reported by a California report by ZipRealty. Palm Beach County showed an increase of 35 percent from a year ago. Miami’s sales prices have been on the upswing for the last twelve consecutive months as 2012 was another record sales year. This report was gathered from MLS data which included single-family homes, townhomes and condominiums. This calls for a celebration for the South Florida real estate market.
It’s definitely time to buy if you have been on the fence as interest rates are between 3.125 percent and 3.5 percent for a 30-year fixed rate and the inventory is continuing to shrink. It’s also a great time to sell because there is not a lot of inventory on the market. Much of the home and lot product has been absorbed. According to most realtors this has been the trend over the last 12 months in the tri-county region.
Greater Fort Lauderdale Realtors released a report for December 2012 stats noting the median price of an existing single-family home in Broward County has gone up by 18 percent since last year. This recent housing report revealed that the median sales price of single-family homes in Broward County was $187,200 in December 2011, in comparison to $220,000 last month. It’s about time the confidence in the housing market has started to regain itself. As a matter of fact, local available short sales or foreclosure properties is 31 percent less than December 2011. That is a welcome relief for most as the short sale and foreclosure chatter has quieted down over the last 12-15 months amongst the water cooler.
New listings since November 2012 have decreased by 13 percent for all property types in Broward County. The sales of existing condominiums remain steady since one year ago while the sales of existing single-family homes increased by 27 percent year-over-year. Finally South Florida is looking up and it’s well deserved.
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