South Floridas real estate market may be approaching a milestone, at least according to Realtors figures.
The trade group representing agents and brokers reported a 13 percent jump in resale prices in January for single-family homes in Miami-Dade County compared to 12 months earlier. Thats the second straight increase, after Decembers 5 percent gain in Floridas largest housing market.
The encouraging numbers may just be a blip: even the depths of the recession saw an occasional spurt of increasing prices from month to month. But should Februarys numbers report another gain, that would be the first three-month stretch of rising home prices for Miami-Dade since February 2007, according to the Florida Association of Realtors.
With a wave of foreclosures still to come and banks hesitant to write mortgages, many buyers are steering clear of one of the countrys most notorious real estate markets. But leaders of the Realtors group see the new statistics confirming their longtime contention that South Floridas battered housing market has already moved into less of a buyers market.
Now, home prices in Miami are significantly rising and sooner than expected, as the Miami real estate market continues to outperform the rest of the nation, mostly due to the strong impact of international buyers, said Martha Pomares, a Coral Gables real estate agent and head of the Miami Association of Realtors.
In Broward, prices are also up, according to the Realtors. The median price of a single-family home in Broward increased 7 percent in January to $177,000, and the median price of a condo went up the same amount to $74,000.
Miami-Dades median price for single-family homes hit $170,000 in January, while the median price for a condo surged 36 percent to $122,500. The condo market is generally more erratic than the single-family market, which can lead to large swings in prices. Condo sales were down 16 percent in both markets for January.
Sales of houses were soft in Miami-Dade, down 3 percent from the prior year. In Broward, they were up 15 percent.


















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