When you are thinking about investing in real estate in South Florida, you shouldn’t think only about breathtaking beaches, diverse culture and food, luxury, perfect weather, or great business opportunities. Besides, you should check how’s the market and the forecast for the next months. So here’s some curated information for you.
There are two well-noticed different markets of real estate in South Florida. If we look at the latest real estate trends, we’ll find metrics related to the home sales and, on the other hand, completely opposite, metrics related to condos. Then, you’ll realize both markets are not in the same place.
Single-family home sales had seen an increase of 5.5% in South Florida last April while, according to the Florida Realtors, condos sales had seen a drop of 1.7%. Still, median price increased, both for single-family and condos. How’s this working? We believe the low mortgage interest rates and the positive job market are making possible these numbers in the real estate industry. But let’s see the whole picture, county by county.
Did you know in Miami-Dade residents come from 121 different countries? 68 diverse languages are spoken in the area. Just a couple of fun facts before starting with the more serious metrics.
In this county, single-family home sales volume has grown in a strong way for houses that range from $300.000 up to almost $600.000. It’s an increase of 3.9%. The values themselves grew 3.2%, reaching an average of $356.000. Active listings went up by 10%.
For condos in Miami-Dade, sales volume fell 1.4%. The values increased by 2.8% to an average of $248.000. Active listings went up by 2%.
Did you know this county didn’t even exist at some point? It was created out of parts from Palm Beach and Dade counties. Now, to start with the most important facts…
In this other county, single-family home sales volume has grown by 11.8%. Median value reached $360.000, which means an increase of 1.3%. Also, according to realtors of Greater Fort Lauderdale and Palm Beach, active listings went up by 12%.
For condos in Broward, sales volume fell 1.9%. The values increased by 5.3% to an average of $170.000. Active listings went up by 7%.
More than 20 teeming reefs are located in the Palm Beach county, a paradise for divers and snorkelers. Another fun fact we couldn’t avoid mentioning, is that in 1879, early pioneers planted more than 15.000 pineapple slips, it appears they wanted to create a farm.
In this county, single-family home sales volume has seen an increase of 1.4%, mostly for homes with prices ranging from $300.000 to almost $400.000. The values remain the same, with a median price of $350.000. Active listings went up by 1%.
For condos in Palm Beach, sales volume fell 1.6%. The values increased by 1.8% to an average of $185.000. Active listings went down by 2%.
Despite fluctuations, the South Florida real estate market continues to be healthy and promising for the next months. If you are looking to acquire a property in the three-county this could be the right moment.