Review of South Florida Real Estate Market

Many real estate analysts are in unison that 2015 is going to be a lot more positive for the real estate market – specifically in South Florida. The industry being volatile and dependent on many factors likely got its upward ticks in the first few months of 2015 from the great performance just before the previous year closed. In case you haven’t got a glimpse of the previous year in South Florida real estate, here’s a fast review.
Annual closing rates increased
According to MetroStudy, the closings rate gained considerable increase by up to 18% in the last quarter of 2014. This feat reflects an 11-consecutive quarter of upward trend for closings rate in the region of South Florida.
Finished vacant inventory escalated
The same study reflected that there was a 6% escalation in the number of finished vacant units. The number grew to 1310 units which was 12% higher as compared to the figure registered during the last quarter of 2013. A significant point was uncovered by the study indicating reductions in prices when units exceed demands.
Miami-Dade leads the region’s rebound
After years of being affected by the industry’s turmoil in which home sales dwindled to the extreme low, the Miami-Dade is leading the rebound for the region’s real estate market. Capitalizing on the beauty of its beaches stretched for miles, finished vacant homes ready for occupancy are hot objects for possession by new owners.
Single family homes are still the most-favored home type
Although there are many home types being listed for sale in the region, most home buyers still prefer single family homes. Typically, the choice is anchored on the fact that most homes are being purchased to secure a decent dwelling space for the family. Yet, there are still few individuals who are eyeing condo units as their personal caves.
Young professionals will be the new power buyers
Despite most of them being average wage earners, the young professionals started to become power buyers of real estate assets. 2014 witnessed their determination to earn for their ideal home purchase. With the uptick of jobs in the whole of America, they will have increased security of job tenure giving them more confidence that they’ll be able to pay for their home’s monthly dues.
South Florida showed well during the last quarter of 2014. It reflected that there are still good things in store for the real estate industry.

Desare Kohn-Laski is a proud realtor and experienced Military Relocation Professional in Florida. She is a real estate broker who is knowledgeable and familiar of the South Florida real estate market. Her areas of services include Broward County, Palm Beach County