The South Florida real estate market is among the most dynamic housing markets in the entire United States. On the succeeding paragraphs are important facts and stats that represent the changes in the region’s industry.
Price indicators continue to rise. The region’s real estate market growth is influenced by a global trend in the worldwide market. The United States is now experiencing significant growth based from the house price index in Q1 of 2014 which was at 726. It grew to 755.4 in Q2 of 2014. Although growth was minimal, it is a sign of continuing growth and recovery of the entire housing industry.
Listing inventory expands. The demand for houses to buy is also on the surge. This is based on the increase in the number of homes being put on listings. One factor that influences developers and home owners to put properties on selling lists is the increase in prices.
A majority of the market is dominated by cash purchases. Home selling is on the boom not just because of the increasing prices. It also experiences growth because of the huge cash purchases from most of the homes on the selling lists.
Fewer homes on the distressed sales indicate stronger market. Compared to homes which are being put on the nondistressed sales, fewer properties are now on the distressed sales. This means that fewer homeowners are experiencing financial low downs. If this will be translated to strength, then there will be more individuals who will be capable of buying homes either as investment properties for retirement, vacation, and rental.
South Florida cities continue to show positive real estate growth stats. Miami, one of the most desirable cities in Florida to buy a house continues its great performance in the housing market. This is indicated by being the city with the highest median price. It also recorded the highest number of homes sold for Quarter 1 in eight years. Cash market share shows strength with 48.9% increase in single family homes being sold.
Boca Raton is also a performer. On the first quarter of 2014, there were 10 units sold on the price of $1M plus. Despite shift of buyers from luxury to mid-end and low-end houses, median prices still continue to rise. Starting prices of properties in the listings are also increasing.
Fort Lauderdale also shows a commanding strength based on indicators. On different home categories, sharp increase in prices is exhibited. There is also increase in the price threshold of luxury homes with 22.4% on condos and 42.4% on single family homes.
In Palm Beach, condo sales surged while single family homes sales slipped. This shows that the city is experiencing a shift in market as most individuals, especially the millenials are preferring smaller spaces to maintain. Primarily, this is influenced by the single lives, professions, and lifestyles they possess.
If these facts compel you to see what that South Florida real estate market has to offer for real, the friendly realtors are always ready to be of professional assistance to you.