A split emerged in Miami’s luxury real estate market during the first three months of 2015: Resales of single-family homes chugged along at a steady clip, but the market for existing luxury condos peaked as sales slowed and units stayed up for sale longer.
The number of luxury single-family homes sold grew 2.3 percent in the first quarter of 2015 compared to the same quarter last year. But luxury condo resales were down 3.6 percent over the same period.
Homebuyers continued their spring stampede in May.
Broward County had its most prolific month for home sales in 11 years with 1,527 existing single-family closings, up 14 percent from a year ago, the Greater Fort Lauderdale Realtors said Monday.
The median price of $290,000 was 4 percent higher than in May 2014.
In Palm Beach County, 1,739 homes traded hands, a 6 percent increase from a year earlier, according to the Realtors Association of the Palm Beaches. There were only four fewer sales in May than April, which was the county’s best month since June 2004.
Rising home prices across South Florida are helping more owners escape “underwater” mortgages, a new report shows.
In the first quarter of 2015, 17.4 percent of all mortgaged homeowners in Palm Beach, Broward and Miami-Dade counties owed more than their properties were worth, down from 24.9 percent a year earlier, according to real estate website Zillow.com.
The so-called negative-equity rate has declined in the tri-county region on an annual basis in every quarter since early 2012.
Average consumers in South Florida would be slightly better off renting a home than buying one — assuming they invest the money they would have spent on a down payment and other cost savings, a new study shows.
The Beracha, Hardin & Johnson Buy vs. Rent Index, a creation of professors from Florida Atlantic and Florida International universities, determines whether market conditions favor buying or renting a home in terms of wealth creation and investment opportunities.