March 27, 2013
The South Florida real estate market is still hot, according to recent figures released by the Miami Association of Realtors, the local Multiple Listing Service and CoreLogic. The new figures show that sales and home prices in the area continue to increase, while foreclosure rates decrease.
Rising demand and diminishing supply are boosting the median sales price of South Florida property. In Miami-Dade County, condo prices rose 26.9% in February, compared to the same month a year earlier, and 6.5%, compared to the previous month. Single-family home prices are up 10.9% on a year-over-year basis. This positive trend is spreading statewide.
Foreclosure rates are also dropping. In the tri-county area, the foreclosure rate dropped an average of 3% in January, compared to the same month a year earlier. Miami-Dade County recorded the largest decrease.
As these real estate indicators continue to head in the right direction, developers are proposing more and more new construction and international buyers are continuing to show interest in the local market. Buyers are pouncing on property priced correctly.
Source: The Miami Herald
