IMPORTANT NEWS MAY 2012: The Real Estate Market is heating up!
The Florida Realtors Industry Data and Analysis Department reports an increase in the median home price (single family home) of 10.2% in April to $144,350; the median price for a condo has increased by 16.1%.
Foreign investors mostly from Germany, Canada, England, and Asia, many of them cash buyers, are driving the market. The inventory is decreasing which has major impact on a market that has been overwhelmed with foreclosed properties. The numbers of homes on the residential market are decreasing; residential listings have dropped by 34% last year and have decreased by another 4% since March in the Miami-Dade area.