South Florida Home Sales Prices Double

South Florida home sales prices double

 According to the Miami Herald, sales volume of homes in South Florida are as high as they were during the boom of 2005, median prices are just lower. “More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the boom.” A lot of buyers are scooping up properties quickly to benefit from a lower interest rate. 

 Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume sine 2005. Miami-Dade has had “20 consecutive months of price increases in both single-family homes and condominiums.”

 The average rate on a 30-year, fixed-rate mortgage is 4.74 percent, up more than a full percentage point from 3.61 percent in early May, according to HSH.com, a Riverdale, NJ mortgage-information firm.

 Miami-Dade condo sales rose 13.4 percent in July to 1, 538 closings. Six months of inventory is the average right now, which market watchers consider to be a balanced market between buyers and sellers. 

 “This means that we are still in a healthy, growth market where sellers are continuing to receive at or near their asking prices.”

 Now is the time to buy in Miami and Miami Beach. Professionals here at Jetset Realty can help guide you through the process. Whether you're looking to buy or wanting to sell, our full serviced staff can meet you needs. 

source: http://www.miamiherald.com/2013/08/21/3576677_p2/broward-existing-home-sales-and.html