SOUTH FLORIDA HOUSE SALES REBOUND IN NOV 2016

By
Real Estate Agent with Keller Williams Realty Partners SW

 

 

After two months of year-over-year declines, single family housing sales in the tri-county South Florida region came back in November 2016 strongly, as follows:

 

                                         November Sales                                         Median Price

                                       2016      % increase         Median Price      % increase    

   

Miami-Dad                 1,025            13.0%                $310,000                13.0%

Broward                     1,257              7.0%                $318,000                10.0%

Palm Beach                1,225              6.0%                $300,000                  4.0%

Source: Sun-Sentinel

The number of listings is  still low, overall; however, in both Miami-Dade and Palm Beach counties, available listings rose in November by 8.0% and 7.0%, respectively. In Broward county, the number of available listings actually declined 10% from the year-ago period. The Florida Realtors organization opines that the increase in the number of sales in November was likely due to the rate increase by the Federal Reserve. While this long anticipated increase didn't directly affect mortgage interest rates, it is believed that, eventually, future increases will push mortgage interest rates higher. As such, buyers on the fence opted to lock in their rates and purchase.

Not surprisingly, homes that are priced right for their condition and competition are selling quickly, while anything overpriced stays on the shelf. While state and local real estate observers generally agree that the market is healthy overall, higher housing prices have very likely priced many first-time buyers out of the market. 

 

Photo credit: Pinterest.com

Posted by

 Your blingual residential real estate guide. Certified Probate Real Estate Specialist (CPRES) and Certified Distressed Property Expert (CDPE).  Serving Pembroke Pines, Fl.  and surrounding communities.   


Dalia Kibby, PA
  Direct 954-610-7864| email me
website www.daliasellshomes.com | search for homes

 

If you are Buying, Selling or Relocating to the South FLorida area and need help from a professional REALTOR®, I would be happy to assist you! I also work with  estate Executers, Personal Representatives and Administrators .     Please visit my website for property searches, to sign up for free listing alerts and other information.   

 

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