Categorized | Residential

South Florida Housing Market Still Strong

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The residential real estate market in South Florida continues to post incredible numbers, giving more credence to the belief that it is the strongest in the United States. While some areas have many homes that struggle to even get one interested buyer, South Florida is seeing bidding wars take place on nearly every home that hits the market.

Not only are bidding wars taking place, but buyers are also paying more than the listing price for the majority of properties they purchase. In one case, a condominium in South Florida received more than sixty offers in ten days. The residential unit sold for more than thirty percent more than the original asking price.

Sales prices for both single-family homes and condominiums in the region are up seventeen percent over where they were last year. The market will likely continue its growth for some time to come, as demand in the region is at an all-time high.

The overall demand is set to increase even more in the coming months, as the total sales inventory continues to drop. It is down nearly thirty-four percent compared to where it was last year in Miami-Dade County, and it has declined four percent since March.

Other counties in the region have also experienced similar declines in their sales inventory. With limited inventory, and many investors and buyers jumping at the chance to secure a mortgage loan at the current rates, homes are receiving multiple offers almost immediately after they are listed.

The current state of the real estate market in South Florida puts the region almost four to five years ahead of the rest of the country in terms of overall progress.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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