The Miami Association of Realtors and Greater Fort Lauderdale Realtors announced the numbers from May and they show the demand for homes consistently outpacing the supply. Home prices are rising steadily and buyers are snapping up any type of property since the Federal Reserve announced that it would be tapering off the mortgage buying initiative in response to the housing market’s recovery. The inventory in Broward and Miami Dade countie’s continue to shrink and days that homes are on the market is shrinking as well. Home prices are making enormous gains as a result. Homes are also fetching their asking prices. There really is no better time to buy OR sell, and those in real estate are working tirelessly for clients due to the demand. The numbers for May 2013 versus May 2012 are below and if you are looking to buy or sell real estate in South Florida, we are ready to help!
Miami Dade County: May 2013
- Single Family Home Price rose by 16.8%, $222,000 from $190,000.
- Condo prices rode 20% from $180,000 from 150,000
Broward County: May 2013
- Single Family Homes rose by 22.6% to $255,000 from $208,000, supply of 3.4 months
- Condos rose by 28.2% to $108,000 from $84,275, supply of 4.3 months