South Florida's real estate market looks hot again

May 29th, 2012 22:17


Fort Lauderdale

MIAMI – May 24, 2012 – Bidding wars are erupting from Homestead to Weston, as home sales and prices take off, further reinforcing the end of a prolonged market slump.

A two-bedroom, two-bathroom, bank-owned condominium in Coral Springs sparked 64 offers within 10 days – selling for $71,000 on Tuesday, or 34 percent over its $53,000 listing price.

“It was a feeding frenzy. I’ve never seen anything like it,” said Marta DuPree, broker associate and vice president of the Keyes Company in Coral Springs. “It was a rentable building, so all the investors were out.”

In Broward County, the median sales price of single-family homes rose 17 percent in April to $205,000, and condominiums jumped 17.4 percent to $84,300, compared to prices in April 2011. And in Miami-Dade, home prices continued a five-month ascent – up 30 percent for condos, to $150,000, and 8.2 percent for single-family homes, to $183,000, compared to a year ago, according to figures released Tuesday by the Miami Association of Realtors.

Across South Florida, higher demand is leading to multiple bids and, in turn, elevating prices – as the real estate market keeps turning around. Most Realtors have noticed inventory of residential listings is way down.  Cities like Boca Raton as well as neighboring areas in Broward County including Southwest Ranches, Pembroke Pines, Davie and Cooper City are all experiencing a similar dearth of inventory.
Statewide median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condos, according to the Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011.