South Florida Sellers Market?
South Florida Sellers Market? With interest rates rising, has the tide changed ? Is it now a buyers market? Although pricing still increased in December of 2018, sales were down significantly. In Broward County, single family home sales were down 11.2% and 9.6% in the condo/townhouse market. With the sales down and new listings on the market, this increased the home supply to 4.4 months for single family homes and 5.7 months for the condo/townhouse supply. Typically there is an increase in active listings during the end of the year in South Florida. Overall, Broward County is still in a Sellers Market. Palm beach county reported similar results and Miami not being effected quite as much with 5.1% decline in sales in single family homes and 7.3% decline in sales for condo/townhouse homes.
Is it a South Florida Sellers Market? Yes, it still is. For those that are on the fence, now is the time to buy! Before interest rates take another hike.