The growing demand for South Florida real estate and the decresing supply of single family homes under the $1 million mark is creating a big rush of sales. In this “Supply & Demand” market, which is a bit price sensitive, it is crucial to do your research for the price brackets you are selling your real estate properties. Simply said, there is a large amount of properties for sale above the critical $1 million mark than below it leaving a large demand for properties under $1 million.
Below, are some recent findings from a national index on the South Florida real estate market.
Recent reports indicate that South Florida home values are up 5% from July 2011.
This is not the full story that has South Florida real estate sellers excited!
Take a look at these other market findings:
- As of August, Broward had fewer than 5 thousand single-family homes.
- Real estate inventory in both Miami-Dade county and Broward County has been cut nearly in half in the past year alone.
- Palm Beach County is reporting about the same inventory decrease (percentage based).
- Miami home square footage is reported down by $155 in the past year.
- Median sales figures for homes in Miami is sitting around $155,00- a point up 6.9% over the past 12 months.
- Sales were on the decline during these 12 months as well.
- Corresponding to Broward county inventory reduction, the unemployment rate is down nearly 2%.
- The unemployment rate in Broward County is above the national average!
- The unemployment rate in Palm Beach rose above the national averages though to contrast to the success of Broward County.
- Real estate is also on the rise due to falling interest rates. At 3.4% in South Florida, with a rise in employment, it makes for a seller’s market.
Inaccurate home appraisals have been the bane of all real estate professionals in the past year.
That said, county real estate administrators are calling for more accurate and descriptive appraisals to further improve our real estate market down here.
Analysts are examining the slight differences in interest rates and are speculating that with a little nudge upwards of the interest rates, a sense of urgency may spark a fire trending towards more buyers actually buying real estate in South Floridas.