Huge hikes in residential real estate sales occur in Florida

Huge hikes in residential real estate sales occur in Florida

The state of Florida is witnessing major growth in home sales in 2015. In fact, the residential real estate market in March saw a double-digit hike in sales in the southern part of the state. This is especially true for sales of single-family houses.

More than 4,300 single-family houses in South Florida were sold in March, an increase of more than 21 percent from one year ago. In addition, the median sales price increased almost 4 percent, going up to a total of $275,000. The area witnessing the greatest growth includes Miami-Dade, Broward and Palm Beach counties.

The residential market's performance was even better statewide, where sales of homes increased almost 25 percent. Throughout the state, the median price of homes sold jumped more than 9 percent, going up to $190,000. The market of townhouses and condos was also strong both in South Florida and throughout the entire state in March. Right now, more than 70 condo towers are in the process of being constructed in Miami-Dade County, and more than 70 others are in the works.

Of the homes being sold in Florida, an increasing number of them are being purchased by owner-occupants rather than cash investors, signifying that the real estate market is becoming increasingly stable. Right now appears to be a favorable time for homeowners to sell their homes due to increased demand and higher sale prices, and it also appears to be an appealing time for people to buy in the popular state. An applied understanding of laws related to Florida's residential real estate may help people to successfully navigate their deals from start to finish.

Source: bizjournals.com, "South Florida home sales up 21.5 percent in March; condo values grow", Brian Bandell, April 22, 2015