Although media reports have characterized South Florida’s real estate market as dominated by luxury condos owned by absentee buyers, Coastal Contractor's Ted Cushman takes a deeper look. His roundup of news reports about several Florida cities reveals that the region’s housing is actually becoming more diverse.
He also found that prices are rising while supplies tighten, according to the Miami Herald:
"In Miami-Dade, the median sales price for existing single-family homes rose to $285,000 from $260,000 in April 2015, representing a year-to-year increase of 9.5 percent, according to a report by the Miami Association of Realtors... As prices have risen and the number of distressed homes has dropped by more than 46 percent over last year, inventory has gotten tighter. The number of existing single-family transactions dropped 7.6 percent, while existing condo transactions dropped 12.1 percent year over year." Still, pointed out realtor Mark Sade of the Association board, “Miami real estate remains at 2004 pricing levels despite more than four years of increases."