South Florida Home Market Still Struggling
MIAMI (CBSMiami.com) – The home market has been the foundation of the Great Recession in South Florida for years. While sales of homes and condos may be increasing, the chances of the average Joe getting some of these great deals remains slim.
According to the Miami Association of Realtors, sales of existing condos increased 94 percent in April compared to one year ago; while sales of existing single-family homes in Miami-Dade County rose 40 percent in April.
In Broward County, condo sales increased 8 percent from one year ago and single-family home sales increased by 2 percent in April compared to April 2010.
While this may be good news for some home sellers, the vast majority of the closed sales, 63 percent, were cash transactions. In addition, 60 percent of the closed resales were international sales and 90 percent of new construction sales were to international clients.
The fact that most were cash transactions or international sales shows that while the home market may be perfectly priced for wealthy buyers, it’s still a struggle for the average home buyer who needs financing.