Market Stats Category
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)
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Great news for Florida Condo Sellers
May 27th, 2009
Categories:Market Stats, Sellers
In Florida’s year-to-year comparison for condos, 4,660 units sold statewide vs 3,862 units in April 2008 for a 21% increase.
This represents the eighth consecutive month that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). In fact, April’s sales increase represented both the existing home and existing condominium markets.
Many interpret this as a further signal that the real estate market has bottomed out.
Our personal experience and information gleaned from other realtors bears this out. In the last month, the real estate orange sold 4 condos in one condo building alone, namely the Summit Towers in Hollywood, all within 10% of asking price.
If you have an opinion about the real estate market, and whether now is a good time to buy or sell, please add your comment below. We’d love to hear from you.
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