March, 2010 was a hot local real estate market, as prices saw two consecutive month increases! But, does this mean that the real estate market is turning around? Have we reached the bottom? According to the Florida Realtor Association, existing homes sales for last month was 1,169, which was up 8 percent from this time last year.
Yesterday’s Sun-Sentinel article: Broward home sales, prices rise in March showed how many real estate companies are claiming that the overall market is showing signs of life, as we have entered into the traditional spring and summer selling seasons. Other real estate professionals point to how the market has improved as unemployment is declining. Also, buyers are starting to get off the real estate fence more, as they see that the bottom of the market may be very near.
Another great indicator that the market is starting to stabilize is the current home inventory. The current available real estate home inventory int eh Broward Metro area fell by approximately 12 percent in February from January of this year. According to Move Inc, this drop in inventory was the largest in the nation. Of course, we know that different cities and neighborhoods are more stable than others in the county.
Bank foreclosures have been down in recent months. But, will the shadow inventory now be released by the banks as they see the overall inventory dropping in Broward County? If so, how will this affect the market for the coming months? Like many of my real estate colleagues, we are ecstatic to see the market picking up in sales activity and decreases in overall available home inventory. We hope these trends will continue in the next few months. With mortgage interest rates still hanging around 5%, NOW is the time to buy a home. Our Parkland real estate market is on fire, as more and more sales are taking place in our great city. What more could you ask for than a stable Parkland real estate market, great school district, over 7 parks and recreational activities, living in a safe community, and much more? Buy Buy Buy!
We know the numbers, we analyze the market, our clients make better decisions. If you are interested in selling or buying a home in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.
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