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South Florida Real Estate – Third Quarter Summary

According to the National Association of Realtors third quarter report, sales are up throughout most of the country.  The biggest increase in sales was in Florida at 36.8%.  This is no surprise considering that we are also the state with the highest number (9 out of the top 15) of metro area price decreases in the double digits.  Miami-Fort Lauderdale-Miami Beach metro area had a price decrease of 24.6 percent.  What this means to you depends on whether you are a:

  • Seller – Pricing is everything in this market.  Although sales are up, the high unemployment rate and continued high inventories mean that prices will not be going up any time soon.
  • Buyer – If you are waiting for the bottom of the market, you probably missed it, but high inventory levels, low interest rates and the extension and expansion of the First Time Homebuyers Tax Credit, still equal a great time to buy.
  • Investor – There are and will continue to be good buys but the high unemployment rate and inventory levels will  continue to put downward pressure on rental and vacancy rates across the commercial/investment sector.-

More detailed information regarding specific real estate markets in Miami-Dade County can be found in Miami Real Estate – Single Family Homes Market  Summary