Is it time to sell in Florida?

Prices for single-family homes and condos in Southern Florida registered double-digit growth in February and sales continued on their three-year growth path; coupled with a loonie at its lowest price this year is raising questions about whether Canadian investors in the state should be selling up and moving out.

“Seller confidence and buyer demand in the Miami real estate market is leading to more active listings and higher sale prices,” said Christopher Zoller, a Miami-based Realtor and the 2015 residential president for the Miami Association of Realtors.

Single-family home transactions in Miami increased 14.2 per cent compared to February 2014, while existing condo sales rose 1.4 per cent since last year.

All combined, residential sales in Miami-Dade County increased 6.8 per cent to 2,174 last month, compared to 2,036 during the same time period in 2014.

Clearly, consumer demand shows it is a seller’s market down in Florida at the moment, but prices are also getting hotter and hotter down south.

The median sale price for single-family homes increased 7.9 per cent, up to $245,000 in February 2015 from $227,000 in February 2014. Compared to February 2014, the median sale price for condos increased 6.8 per cent to $189,000 from $177,000 a year prior.

And if an investor was looking to sell their property in the area, there are plenty of buyers to choose from. “Miami’s location and proximity to the Caribbean and Latin America have always attracted foreign buyers,” said Carlos Gutierrez, a Miami-based Realtor.
 
 

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