The Hot Real Estate Market of South Florida

by Isaac Benmergui, Esq on March 22, 2013

FireEveryone knows the hot temperatures of South Florida can keep the residents warm and toasty throughout the year. Now, after years of rock bottom home prices, the real estate market is so hot, that sellers had better have another home already lined up to move into, before they list their property.

A recent baby boomer looking to downsize from her 5,000 square-foot home in the Killian area of South Miami-Dade garnered five cash offers for her listing price of $979,000 in three days. “My house sold so much faster than I thought it would,” said the woman who purchased another home just a few miles away for $529,900.

Strong demand and dwindling supply are driving the median sales price in Miami-Dade higher than market analysts anticipated, with condominium prices rising 26.9 percent in February to $165,000 from the previous year, and 6.5 percent higher than the previous month, according the Miami Association of Realtors and the Multiple Listing Service.

This year the median sales price of single-family homes in Miami-Dade has already risen 10.9 percent to $194,000 from a year ago.

Real estate brokers are happy to see prices climb, but lament that available inventory is too low. “Things are just crazy right now,” said Debbie Preston, a broker associate. “If people are pricing homes fairly, they are getting sold.” For homes in the $200,000 and lower range, the inventory is at about the one-month mark.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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