has certainly suffered in the past few years. With the decrease in the economy, it is no surprise that the housing market has suffered across the country. Because of this downturn, the reports of an upturn bring the kind of news that everyone has been hoping to hear. This can be seen in Florida and especially in Miami where the spring months â€“ March, April and May were particularly good in terms of sales. With a high rise in sales and sale prices, Miami luxury properties have seen an amazing upturn. The Florida Realtors Association has indicated that the inventory of available properties has dropped noticeably and the home prices rose for the sixth consecutive month in May, highlighted by a 22% increase in the median sales prices for condos and 8% rise for single family homes, compared to same period in 2011.
A Recovery in Process
The President of the Florida Board of Realtors has indicated that the numbers of sales and values are so strong that they do not just indicate a spike. They actually indicate that the market is turning around, and the values are expected to continue the increase in the coming year. It is a recovery of the South Florida housing market in process. The rise of sales in Florida is more than a little dramatic. â€śStrong demand for Miami properties continues to fuel this dramatic market strengthening that has yielded limited supply and will result in home prices increasing further.â€ť As of April, the pending single family home sales rose by almost forty percent while the pending townhome and condo sales rose by twenty five percent. This is the kind of upturn that was needed in the Florida real estate market.
Sales Prices Go Up
With fewer homes available in the Miami area and more buyers chomping at the bit, this of course raises the selling price of homes. For the whole state, the average sales price of homes in the month of April rose by more than ten percent. This information was provided by two different reports from the Florida Realtors Board and the 10K Research and Marketing Company. In the case of townhomes and condominiums statewide, the values are up as well. The average selling price for these homes is up by a whopping sixteen percent in the state of Florida.
The National Rise
The rise in home value in Florida is due in part to a national rise. The whole nation has not seen the dramatic rise as Florida has. Overall, the national rise has been just under two percent. However, even not as dramatic, this rise is excellent news. The housing market across the nation has suffered and even a slow rise offers a brighter future, which is something that has long been needed in the nationâ€™s faltering economy.
Realtors and professionals are saying one very important thing. As the average home value rises and the inventory of homes drops, this will allow for a real estate recovery. Some have worried in the past that small spikes would not lead to a recovery in the Miami real estate market. However, since this rise is stable and is continuing through the year, this indicates an actual recovery and not a fluke. Market researchers indicate that the real estate market in Florida is well on the road to recovery for a better future. The rise has not just been seen in one area, but in home, townhome and condominium values across the market.