South Florida Real Estate Values Rise Again
South Florida real estate continues to outpace the rest of the United States with new, impressive gains again according to the latest S&P/Case-Shiller data. In comparing prices for Palm Beach, Broward and Miami-Dade county homes in May from the previous year, a remarkable 13.2% rise in values has taken place. The month-to-month increase from April of this year to May has kept pace with the year-to-year growth, coming in at a 1.2% rise in values. Further good news was seen in comparing the March to April growth of 1.1% to the April to May growth of 1.2%. Overall, these numbers are revealing that the South Florida real estate market is quite healthy and certainly one of the leading markets in the United States. The Case-Shiller 10-City Composite Index gained 9.4% year-over-year and its 20-City Composite rose 9.3% – giving real estate in South Florida nearly 50% greater gains than the rest of the sample US markets.
Looking into June results, Broward County’s condo market logged in some excellent results with closed sales up 10.1 percent and the median sales price growing 23.8 percent, according to the Greater Fort Lauderdale Realtors. Overall, 70% those transactions were in cash. Statewide condo prices grew grew at 8.5%, indicating that Broward County condos greatly outpaced the rest of the state and was certainly the leader in all of South Florida real estate. Sales volume for the balance of the state grew at 3.1%, again reinforcing the strength of the Broward County condo market.
South Florida Real Estate Momentum
Miami-Dade county results continued to be solid, but they are no longer leading all of South Florida real estate. The median price of existing condos in Miami-Dade rose 2.6 percent since last June and is up 1.9 percent from May. Single-family home median prices rose 6% from a year earlier. While, single-family home sales in Miami-Dade rose 9.5 percent from a year earlier, with 1,280 closings in June, up 5.4 percent from May, according to the Miami Association of Realtors latest data. With these price increases have come longer selling windows. The median period of time to sell a condo has increased to 61 days from 44 a year ago, and listings are fetching 94.5 percent of original asking price on average, down from 96.9 percent a year ago, the Miami Realtors said.
Good Times Continue Onward
There is no doubt about the performance of South Florida real estate over the the last three years. All indicators have been reflective of an exceptionally healthy period of time. Miami condo prices have increased for the last 36 consecutive months, and single-family homes have logged in gains for 31 months in a row.