The South Florida real estate market is among the most dynamic real estate markets in the entire United States. In the following paragraphs there are important data and statistics that represent the changes in the industry of the region.
Price indicators continue to rise. The growth of the region’s real estate market is influenced by a global trend in the world market. The United States is now experiencing significant growth based on the House Price Index in the first quarter of 2014, which was at 726. It grew to 755.4 in the second quarter of 2014. Although the growth was minimal, it is a sign of continuous growth and recovery of the entire home. industries
Listing inventory expands. The demand for houses to buy is also increasing. This is based on the increase in the number of homes being listed. One factor influencing developers and homeowners to list properties for sale is rising prices.
Most of the market is dominated by cash purchases. Home sales are booming not just because of rising prices. It is also experiencing growth due to huge cash purchases of most homes on for-sale listings.
Fewer homes in distressed sales indicate a stronger market. Compared to homes that are putting up for sale without difficulty, there are now fewer properties in distressed sales. This means fewer homeowners are experiencing financial downturns. If this translates into strength, then more people will be able to buy homes, whether as investment properties for retirement, vacations, and rentals.
South Florida cities continue to show positive real estate growth statistics. Miami, one of the most desirable cities in Florida to buy a home, continues its strong performance in the real estate market. This is indicated by being the city with the highest average price. It also posted the most first-quarter home sales in eight years. Cash market share shows strength with a 48.9% increase in single-family home sales.
Boca Raton is also an actor. In the first quarter of 2014, 10 units were sold at the price of more than $1 million. Despite the shift in buyers from luxury homes to lower- and mid-range homes, median prices continue to rise. The starting prices of the properties in the listings are also increasing.
Fort Lauderdale also shows a dominant strength based on indicators. In different categories of houses, a strong increase in prices is exhibited. There is also an increase in the price threshold of luxury homes with 22.4% in condominiums and 42.4% in single-family homes.
In Palm Beach, condo sales rose while single-family home sales fell. This shows that the city is experiencing a shift in the market as most people, especially millennials, prefer smaller spaces to keep. Mainly, this is influenced by the individual lives, professions and lifestyles that they have.
If these facts compel you to see what the South Florida real estate market truly has to offer, friendly real estate agents are always ready to provide professional assistance.