The real estate market in Florida continues to struggle for sellers while buyers have many options available. The South Florida Sun-Sentinel newspaper, www.sun-sentinel.com, notes that Broward County, just north of Miami, had both good and not so good news. Prices of existing homes rose a bit in March, which was the first year-over-year increase since last May. The number of homes that sold, however, fell 25% from 804 a year ago to 601 in March of 2007. The median price was $372,400.
If you are looking for a condominium, the news is even better. The median price dropped from $202,600 a year ago to $195,500 this year, while the number of condos sold went from 982 to 663. Overall, nearly 37,000 homes and condominium were on the market, up 16% over the past year.
The market is ripe for buyers with patience and who can find the best deals. This is true for buyers of new homes as well as existing properties. One analyst, Brad Hunter of West Palm Beach, is quoted in the Sun-Sentinel as saying that builders are slashing prices and offering “mind-boggling deals.” This means that if you are looking for a new home, there are plenty of options to consider. Look at all that the builders have to offer and see what they will do for you.
North of Broward County in Palm Beach County, things are much different. This is a little farther away from Miami so the median price is a bit lower for existing homes at $236,000. Sales dropped here by 28% from a year ago. Once again, buyers looking for a great deal can find one. This is even truer for international investors as the dollar’s decline in recent months has made the deals even better.
For those looking for a home in Florida, there are plenty of options available. Do your homework and compare prices to find what you want at the best possible price. Then make your investment and enjoy the climate and long-term advantages of a home in the Sunshine State.
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