ONE Sotheby’s Releases 2014 TRENDS Market Report
The comprehensive report looks at over 40 communities in South Florida.
ONE Sotheby’s International Realty’s latest TRENDS market report found that most areas in Southern Florida are fully recovered from the economic downturn. Inventory is approaching a more sustainable and balanced level, and the rate of increase in pricing is slowing. The mid-priced market was the true winner in 2013, according to the report, with the last bit of recovery happening in the $250,000 to $500,000 price range, which posted more than a 35 percent increase in sales in both Miami-Dade and Broward counties for the year. The full rebound of the mid-market is the sign of a fully recovered market.
Looking forward to 2014, prices should continue to flatten as inventory continues to build. However, this is not a bad sign, as double-digit price increases are not healthy or sustainable over the long run.
Highlights from the report include an increase in the number of transactions that took place year-over-year in Miami-Dade and Broward counties. Miami-Dade saw an 8 percent increase, while Broward saw a 5.8 percent increase. The average price per square foot also increased 8.3 percent in Miami-Dade and 15.3 percent in Broward.
The report also identifies Miami and Fort Lauderdale as two global markets to watch. Miami is on the rise with more than 80 condo towers and prime retail and commercial spaces debuting over the next few years. With the expectation of a 13.4 percent increase in the city’s real estate market, Miami comes in as a leader in all real estate markets, according to the experts at moneyjournal.com. Fort Lauderdale has been dubbed “the Venice of America” for its amazing canals and waterfront living. It has become a prime destination for mega-yacht owners and boating connoisseurs from around the world, drawing a great deal of attention from wealthy buyers and tourists alike. Fort Lauderdale was ranked the fourth most popular destination from homebuyers by the U.S. News & World Report.
Find the full report here.