Price of Houses fall in South Florida

The recent national rebound in housing prices that was felt by the country in April of 2011 did not translate to increased property prices in South Florida. Although thirteen cities did post price increases this did not hold true for homes in Miami-Dade, Broward or Palm Beach counties. In fact, properties in these areas actually posted a drop in price of approximately 0.2%. This comes on top of another drop in price of approximately 5.6% over the past year.

A localized drop hasn’t phased experts Although there was a drop in housing prices, experts are still pleased with the overall performance of housing prices as they feel that it shows a definite recovery in the real estate market. They feel that it would take more than just an isolated increase, however. Experts say that it would take a longer period of sustained improvements for them to feel that the downturn in the market had actually been turned around.

They are encouraged by the fact that sales of existing homes have actually been quite robust since the start of 2011. This has helped the market turn around as some of the surplus homes that were on the market have been snapped up by buyers. Another sign of recovery is the fact that the median price of homes that were purchased has also increased. This was a trend that did not hold true for Broward and Palm Beach counties however where the median price of homes actually decreased.

What this means for buyers

This means that if developers are looking for affordable homes to purchase they may want to consider looking in Miami-Dade, Broward or Palm Beach counties in order to find affordable development opportunities. It may also mean that developers who already have properties in these areas may need to take some more time before putting their properties on the market if they are hoping to get a specific price for their offerings.

What this means for sellers

If you are living in one of the areas mentioned above it may mean that you will be unable to sell your own home for the price you had hoped unless you hold on to it long enough for prices to catch up with their national equivalents. You may need to adjust your price or change the way you market your property in order to get the kind of interest that will eventually lead to a sale. You may also want to take the time to do additional research before purchasing properties so that you are buying outside the counties that are experiencing the drop in real estate activity.

Working with an experienced real estate professional can help you determine which investment opportunities will give you the best return on your investment. Taking the time to research the market will make it easier for you to determine which markets will best suit your development style. You may find that the combination of an appealing property and a slightly lowered price may be just what you need to bring in the offers and get your property sold.