South Florida real estate market update for Q1 2014 by EWM

President Ron Shuffield of EWM Realty International shares valuable real estate facts occurring in the first quarter of the South Florida real estate market in 2014.South Florida has seen a great deal of activity from 2011 to 2013.

In these past three years, in Miami Dade County, records have been set selling more homes than were sold since 2004. Every year has seen a double digit percentage increase, more than the year before. "I believe in 2014 we will be very pleased if we can maintain this high level of sales" says Shuffield.

In Miami-Dade County, January and February saw a 2% increase in sales compared to the same period in 2013. While Broward County for the same two months saw a 2% decrease in sales compared to the same period in 2013. Despite this slight decrease in sales, Ron believes it is still all very positive news.

The most important metric in the real estate business is the number of "months of supply", which tells how much inventory there is. South Florida is sitting very comfortably with 5-6 months of supply.

The Single Family market, especially the luxury Single Family market is extremely strong right now. Many families who were waiting these past 5-6 years are now making their move to purchase homes. Many people from all over the world and from the northern U.S. are particularly attracted to our condominiums and are taking their opportunities to purchase in South Florida.

Prices in South Florida still remain strong. In both Dade and Broward County, the median prices today are still 35-40% less than they were at the peak of the market in 2007. Even though increases are being seen every month there is still extraordinary value in South Florida.

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