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Recent South Florida Real Estate Trends

The real estate market in South Florida is still on the up and up, but condo sales can’t take any credit. According to a recent South Florida Business Journal article, while single-family home sales surged in the month of July, both condo and townhome sales dropped significantly. Data provided by Florida Realtors showed that the sale of single-family homes rose about 6% from last year, with 4,260 homes sold in the tri-county area in July. The average sale price was $275,000, up 5.8%. Compared to figures across the state, both of those statistics are above average.

The sale of condos and townhomes paints a different picture. Almost 3,900 units were sold in July, an approximate 10% decrease from the prior year. On the other hand, the median sale price grew nearly 12% to $145,000. The statewide statistics looked very similar and Florida Realtors attribute the drop to a decline in short sales overall.  Dr. John Tuccillo, Florida Realtors Chief Economist, said the market is stabilizing and showing patterns consistent with that. His only concern is the trend in condo sales. “The declines here, coupled with the sharper declines in condo cash sales, suggest waning interest on the part of investors,” Tuccillo stated.

The Greater Fort Lauderdale Realtors have reported that listings of single-family homes and condos/townhomes increased by nearly 17% and 6.8%, respectively, compared to the previous year. With listing numbers rising all around the country, it is obvious that individuals are gaining confidence in selling their property for a reasonable price in an acceptable time period. So, while the numbers are mixed, the outlook is good for all areas of real  estate.

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