July 20, 2012
Miami condo sale prices rose 34 percent this June in comparison to the previous year. Single-family homes rose 5 percent in Miami.
One reason sale prices rose in South Florida is a decline in luxury condo and single family home inventory. Once again it’s an issue of supply and demand. Many Miami buyers are looking for a third or fourth home with an ocean view, and there are only so many oceanfront condos and single family homes to go around.
Broward and Palm Beach are seeing similar real estate shortages. Broward County has half the number of single-family homes for sale then a year ago, while Palm Beach County is down by 43 percent. Buyers are becoming frustrated with this real estate shift giving sellers more leverage.
Buyers are coming across a few other obstacles as well. They are still having trouble financing mortgages because of a lack of financing options and overly restrictive credit standards.
The good news is that buyers are seeing the lowest interest rates in history, and Luxury real estate prices may be going up but they are still much lower than they were several years ago.
Full Story: The Real Deal
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