Excellent opportunity for investors: South Florida existing home sales now surpass 2006 levels
According to analysts, Real estate agents sold more existing homes in 2010 than in 2006. Nearly 75,000 residences have traded hands in Miami-Dade, Broward and Palm Beach counties this year, up 10.4 percent from 2006, when 67,600 homes were resold. Those figures, from the Florida Association of Realtors, include sales of single-family homes, condominiums and townhouses.
Low prices and government subsidies helped prop up home sales this year, as buyers flocked to distressed properties with steep discounts.
South Florida home sales netted nearly $16.6 billion, an increase of about $1 billion from 2009. But total sales volume for 2010 was 37.6 percent below 2006, when home sales reached nearly $26.9 billion.
In 2010, average prices for home resales in South Florida slumped to $221,200, or 44 percent below the 2006 peak of $398,000.
Potential investors should take this figures in consideration at the time of take desicions, no doubt that this is the best time to invest in Real Estate in Miami.
