South Florida Real Estate Blog - Updates & Realty News

Broward's housing market may rebound sooner than Dade's

South Florida home sales continued to climb even as prices fell in April. The market may stabilize sooner in Broward County than in Miami-Dade.

Several positive signs suggest that the Broward housing market may be closer to bottoming out -- even as April existing home sales released Wednesday showed that prices in both counties continued to decline.

Spurred by astoundingly low prices, low interest rates and an $8,000 tax credit, April home sales rose for the ninth-consecutive month over the same year-ago period in Miami-Dade and Broward, according to the Florida Association of Realtors.

Miami-Dade single-family home sales were up by 98 percent and by 70 percent for condos. Broward home and condo sales rose 33 and 39 percent, respectively.

But there were other signs that Broward may be recovering faster than Miami-Dade.

The actual number of properties sold in Broward was greater -- 1,517 compared to Miami-Dade's 1,097, or 28 percent more.

Also, there were fewer properties for sale in Broward, an important step in restoring balance between buyers and sellers.

Leading that growth in sales could be a sense that Broward prices are getting to be as low as they can reasonably go -- especially for condos, which drew the biggest lot of buyers in April. The median condo sale -- the price at which half the condos sold for more and half for less -- fell by 47 percent to $79,900. That's down 62 percent since the median peaked at $210,000 in the fall of 2006.

But investors are diving in to pick up rentals that can give them easy cash-flow and profits on a pretax basis. First-time buyers making as little as $30,000 a year are able to afford the median-priced condo, said William Hardin, director of real estate programs at Florida International University. complete story

Source: MiamiHearld.com - Monica Hatcher

Posted by Real Estate - Associates on May 28th, 2009 11:29 AMPost a Comment (0)

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