Another Big Jump in South Florida Home Prices
Great Fort Lauderdale Real Estate market update! South Florida home prices have risen dramatically in May, once again posting double-digit gains amid strong demand from cash buyers and fewer properties on the market.
The median price for single-family homes in Broward County has risen to $255,000, a 23% gain over this same month last year, according to the Greater Fort Lauderdale Realtors Association. The median price for a condo has increased by 28% to $108,000.
The number of real estate transactions taking place across the county has also seen an increase by 17% over last year. There were 1460 total sales in May, 623 of them cash deals.
Despite the recent surge, values are still below boom-era levels, according to Jed Kolko, chief economist for real estate website Trulia.com. According to Trulia, homes in Broward County are still undervalued by about 8%.
Either way, the numbers are promising and evidence shows that an upswing in pricing, with fewer properties for sale, will continue to fuel an active Broward County/Fort Lauderdale Real Estate market. For more information, call Gayle Borden at 954.525.3355.
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