The Miami Dade and Broward countie’s numbers have been released for May. Despite the incredible lack of inventory, sales volumes continue to climb. Prices are continuing to climb as well, and there is no sign of slowing. President of the Greater Fort Lauderdale Realtors released this statement to the Miami Herald, “The steady and sustained rise in median home prices is supported by a declining amount of available housing inventory and fewer days on the market.” Many buyers feel that mortgage rates are climbing and prices are still below what they were at the height for the moment, so buying now is an urgent business. Mortgage rates have been on the rise since May after the Federal Reserve Bank announced that it was contemplating dismantling the mortgage buying program. Below are the most recent numbers. If you are looking to buy, the time is now and if you are looking to sell, you will get incredible values. Call us today!
Miami Dade County: May 2013
Single Family Home Price rose by 16.8%, $222,000 from $190,000.
Condo prices rode 20% from $180,000 from 150,000
Broward County: May 2013
Single Family Homes rose by 22.6% to $255,000 from $208,000, supply of 3.4 months
Condos rose by 28.2% to $108,000 from $84,275, supply of 4.3 months