South Florida’s Home Market Keeps on Sizzling Sales volume is as hot as the boom time of 2005, although the median prices are still far lower. More single-family homes were sold in SW Florida than at any time since the peak of the boom. Prices, while improving, are still lagging 35 percent behind the high and expect to continue to rise. What’s driving the market? Supply — there isn’t much — and demand — a lot of buyers are racing against rising mortgage interest rates. SW Florida during the housing meltdown, has chalked up 20 consecutive months of price increases in both single-family homes and condominiums “A sense of urgency is coming from interest rates going up,” said Lisa Dority, a real estate agent with RE/MAX Advance Realty II in Miami. “Some folks are nervous and don’t know how high interest rates will go.” In Broward, the housing market similarly continued posting dramatic gains. Market watchers consider six months of inventory to be a balanced market between buyers and sellers. When inventory is less than that, sellers call the shots and prices typically rise at a fast clip. “The declining amount of inventory of single-family homes, condominiums and townhouses available for sale in Sw Florida, coupled with existing homeowners receiving a larger percentage of their asking price and the dramatically fewer days on market compared to last year, continues to put upward pressure on prices." “This means that we are still in a healthy, growth market where sellers are continuing to receive at or near their asking prices.” Market Stats:
Posted on: Thu, 12 Sep 2013 15:33:37 +0000
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