South Florida real estate is selling fast, and well, according to October reports claiming the sales of single-family homes spiked 41.9 percent in Miami-Dade from a year earlier. Amid a tightening inventory of real estate, the number of home sales in the county October 2012 rose to 1,142 units while the number of condo resales climbed 13.1 percent to 1,437. As foreign investors continue to buy into real estate in the South Florida region, prices are expected to rise as available inventory will decrease.
The median price for an existing single-family home in Miami rose 5.8 percent to $185,000 in October from a year earlier, further solidifying the idea that the South Florida real estate sector is back on its feet, and running. For condos in the area, the median price jumped almost 25%, to $146,000.
Neighboring to the north, Broward County saw positive improvements in its real estate stock as well.
October sales of single-family homes in October jumped a whopping 20.9% this year, while townhome and condo sales increased by 16.5 percent this October from last year. A 49.1 percent drop in inventory of single-family homes this year likely added to the increase in value. The median sales price for single-family homes in Broward is currently $211,000, a 15.9% increase from October 2011. The median price of an existing condo or townhome is $90,000, up 14.6%.
The Miami Association of Realtors marks the 11th consecutive month of year-over-year price gains for single family homes.
“There is a steady increase in prices, and buyers are starting to realize if they don’t get in to this market now, they never will,” explained Doug DeWitt, a broker with Concierge Real Estate Services in Miami Beach. “The bottom line is past us.”
The successful EB-5 immigrant investor funding of developments in Boca Raton and Jupiter, Florida are also signatures of a rebounding economy. U.S. Immigration Fund is moving forward on all South Florida construction projects, which include Harbourside Place, Water Pointe, ESI Jupiter Technology Park and Tequesta Village Center, among others in que. As each of these projects has utilized the funds of EB-5 immigrant investors, those investors will soon be bringing their families to the United States to live, work and gain an education. As home prices are beginning to rise, there is no better time to invest.