Year-to-year single family median prices increased in March 2016 in all three South Florida counties, even as the sales pace has noticeably slowed, as follows:
Price
County_ Median Price % Increase # of Transactions
Miami-Dade $280,000 8% 1,168
Palm Beach $298,450 9% 1,520
Broward $298,500 3% 1,440
The number of transactions declined in both Miami-Dade & Palm Beach counties; in Broward, the number of transactions of 1,440 was 3% higher than in 2015.
Overall, the market continues to be characterized as a Seller's market with low levels of listings; despite that, Buyers are increasingly willing to walk away from any deal that they believe isn't a good value or that appraises for less than the purchase price, something that wouldn't have happened one or two years ago. Another change in the market is the increase in expired listings as a result of Seller-overpricing. As in every market, however, homes priced right are selling very quickly.
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