Equity Realty

Single Family Home Prices Continue to Rise in South Florida

May brought more good news as single family existing home prices continued to climb, according to local real estate data. All signs are pointing toward this trend gaining even more momentum.

 

Naples, FL -- (ReleaseWire) -- 07/08/2014 -- The data is in and it looks promising. Low supply of single family homes in South Florida are pushing the prices up according to experts who have reviewed the monthly stats.

Both Miami-Dade and Broward counties are seeing this effect, which is just the latest good news after two and a half years of seeing steady increases in price tags. According to the Miami Association of Realtors since May 2013 Miami-Dade single-family homes have seen their value jump over 12.5 percent.

“Sales of luxury properties continue to rise, especially in the Miami market,” commented Tim Ryan of Equity Realty, local experts on South Florida real estate. “Many people are pointing toward these homes as not only being a great place to live, but also a very sound investment.”

While high end and luxury homes saw these price increases, Miami-Dade townhouses and condos didn't fare as well, seeing a 3.4 percent drop in prices, also according to the Miami Association of Realtors. One of the causes of this is the number of foreclosures and high number of sales in these categories.

South Florida's real estate trends are roughly falling in line with national averages. Overall, across the country home prices are steadily climbing. The average price of a home sale is up 9.4 percent from April and 5.2 percent from a year ago. A clear sign South Florida is moving in the right direction.

The response to this news from local real estate shoppers has been enthusiastic.

Shawn Miller, from Miami, remarked, “We feel like it's a good time to make an investment in a home and to put renting behind us. If we had pulled the trigger and followed through last year, we would have been in very good shape right now. With the way things look we don't want to make that error again.”

To see properties for sale in Miami, contact Equity Realty at at (239) 963-4070 or visit http://www.miamihomes.com.

With years of experience helping local buyers and sellers, they know how to locate the finest properties and negotiate the best deals. It's their job to know about the latest market conditions, government regulations, and upcoming developments.