Florida Existing Home Sales on the Rise...but Median Prices Decreasing
Yes, according to hief conomist Mesirow Financial anyway! Still, other economists say we won't hit bottom until 2010. The reality? NO ONE KNOWS!!!!!
In Florida, there are a few facts and figures to show that we hit bottom already, at least as far as the number of sales. In Florida, existing home sales in March rose 30 percent for just over 13,000 sales—compared to March of 2008 when sales were just over 10,000. And Florida’s statewide existing home sales in March were 32.7 percent higher than February’s statewide sales. And for condos? Statewide condo sales rose 37.2 percent in March, compared to the total units sold in February in Florida.
Unfortunately, the median sales price in Florida decreased in March from a year… a painful 30%... which has our local market still very uneasy.
Projections for April look good as well, more sales on record than this time last year. But prices are at an extreme low... a definite buyer's market. Interest rates are at an all-time low too, and the market is full of short sales and foreclosures.
If you are a first-time buyer or want to be a real estate investor... NOW IS THE TIME!!!!! JUMP ON THE BANDWAGON of increased sales and decreased prices!!!!! Take advantage of this market that might not come around again for a VERY LONG TIME!!!!
Today, there are 2037 single family homes in Miami-Dade priced at $150,000 and below!!! You can buy a new 3/2, 1300 sqft home in a gated community in Homestead for $100,000!!! Mortgage, taxes and insurance... you're looking at a monthly payment LESS THAN $1000 a month!!!! What about condos and townhomes? Today there are 1837 priced UNDER $80,000!!! Half are short sales... many are NICE PROPERTIES, NICE NEIGHBORHOODS and could be GREAT INVESTMENTS!!!
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