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A housing market on the mend, needing more houses

October 2nd, 2012 Written By Carol Pawley

South Florida’s current housing market is lacking a certain something: houses for sale.Low inventory levels continued to help boost prices this summer as buyers competed for the limited number of houses and condos on the market. Even with the increase over last year’s prices, homeowners are hesitant to putt their properties on the market until values improve more.

According to the latest results from the Case-Shiller real estate index if South Florida home values continue rising at their current pace, it will be 2017 before they return to 2006 peaks prices. In August sales of single-family houses in Miami-Dade increased 5 percent compared to a year ago, and the median prices was up 11 percent to $195,000, according to the Miami Association of Realtors.A recovering economy, looser credit and the attractiveness of low prices all led to the ongoing rebound and a lack of real estate listings is boosting prices.

Inventory figures tracked by Esslinger-Wooten-Maxwell shows 11,400 houses and condos for sale, Miami-Dade’s current inventory would last for 18 weeks compared to 25 weeks a year ago.

Great to have you on my site! Seeking to sell or buy property in Coconut Grove, Coral Gables, or anywhere in Miami? I can assist you. Real estate is my area of expertise and Miami-Dade the place I grew up. I know the communities, the schools, the culture, and the business of real estate. I’ve consistently ranked in the top 1% of my field, locally and nationally. I’d love to have the opportunity to introduce myself and discuss your real estate needs. Let’s connect: PH 305-992-6188,EMAIL: carolapawley@gmail.com

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