By Sunny Isles Real Estate Expert on December 1st, 2012
The news was good all around for property prices and sales in Florida in October of 2012. According to data compiled by and a report released by Florida Realtors, the number of sales of condominiums and townhouses, as well as the number of single-family homes, rose in October of 2012 compared to the same month in 2011. Not only that, the average price climbed in all of those categories, showing performance that had the chief economist for Florida Realtors saying that everything that should be going up is going up and everything that should be coming down is coming down.
The Miami Real Estate Report
For townhouses and condominiums, there were a total of 8,252 units sold in October of 2012. Compared to the same period in 2011, that marks a 16.4 percent increase in sales. There was also good news in terms of pricing. In 2011, the average price for a townhouse or condominium property was 20.2 percent less than it was this year. For those who are considering selling a townhome or condominium, this obviously bodes very well for the amount of money that they will get in the transaction.
Single-family homes also performed very well compared to how they performed in 2011. In October of 2012, the median price for a single-family home was $145,000. According to the report, this marks a nine percent increase over the median price in 2011. At the same time, existing single-family homes saw an impressive jump in sales. In October of 2012, there were 17,779 closed sales of such homes. This marks a 25.3 percent increase over the market in October of 2011. Pending sales of single-family homes rose even more significantly. According to the Florida Realtors numbers, there were 56.7 percent more homes that were part of a pending sale in October of 2012 than there were in October of 2011.
Understanding the Numbers
While recovery may not have come to the Florida real estate market quite as quickly as many people would’ve preferred, it has certainly arrived. The increases in sales and pending sales – along with the overall increases in the price of properties – have been slow but steady over recent years. For people looking to sell a property, this means that the once very skewed buyer’s market has leveled out a bit, making it easier to get a good price on an existing property, due to increased demand and the higher prices that come with it.
Because the increase in sales and price has been observed in both single-family homes and townhouses and condominiums, the recovery seems to be rather broad-based. For those looking to purchase a property in Florida, it would seem like a good investment, as property prices have been more or less steadily increasing lately. For those who want to sell off a condominium property, a townhouse property or a single-family home, the fact that sales are happening at the brisker pace comes as very good news, as well, and means that, with the assistance of a good Miami realtor, making a good deal should be entirely feasible.