Housing Market in Broward vs Dade
May 29th, 2009
Categories:Market Stats
Yesterday’s headline on the front page of the Miami Herald: Broward’s recovery may beat Dade’s. The article goes on to say that Broward’s housing market is closer to bottoming out, what with low sales prices, low interest rates and the $8000 tax credit for new home buyers.
The actual number of sales was greater for Broward than Dade (28%) while inventory levels were lower (a 21% decline in 2009 over 2008 for condos in Broward and 18% in Dade). This means that balance is finally being restored between buyers and sellers: this is the first step for prices to reverse the downward trend and begin to rise.
Not only is the stock market showing signs of vitality, even traditional media like newspapers are turning more positive.
What the newspaper doesn’t mention is the downward trend of the US dollar, and the impact of strengthening foreign currencies on sales. We know that South Florida is a great market for second homes and in Broward in particular, we have many Canadian buyers who have seen their currency soar in the last few weeks.
We’d love to hear from any foreign buyers who have bought homes or condos in the last month or so in South Florida. Please add your comments below for our informal survey. You can also take part in our new poll
Do you think the condo market in Broward has already hit bottom?(online poll)
