Florida property management revealed that the value of homes in Broward and Palm Beach has appreciated. This is due to a shortage of listings and a more stable economy.
The average price for an existing single family home in Broward County last June is$325,000. This is 7% higher compared to last year. For Palm Beach County, the median price is $320,000. Approximately 6% higher from June 2015. In Miami-Dade, the median price for an existing single family home is 315,000, this is 13% higher compared to last year.
Realtors and property managers have observed that although home prices have consistently appreciate since the start of 2012, the pace is slowing down. This is good news for buyers who want to invest in South Florida real estate.
In Palm Beach, the number of single-family listings last June has increased by 9%. Despite the increase, buyers across South Florida have a limited supply of homes which range from $250,000 to $500,000.
For buyers interested in investing in condominiums, the median price for condominiums in Broward for June is $149,250. This is 10% more compared to last year.
Eli Beracha, a professor of real estate investment at Florida International University explained that the slowdown in price appreciation is a good indicator that the housing market is not over heated. He further stated that the overall economy is healthy and there is no need to panic.