South Florida Median Home Prices
The South Florida Business Journal reported today that in 2002, the median price for a single-family home in Miami-Dade County was $183,000, while in Broward County, it was $211,000. Today, the median prices are $182,000 and $192,000, respectively, according to residential brokerage Esslinger Wooten Maxwell (EWM) Realtors.
The median price for a Miami-Dade condominium in 2002 was $133,000, while Broward’s median clocked in at $103,000. Seven years later, the Miami-Dade median is $135,000 and Broward’s is $80,000.
Wow, need I say more. Here is another staggering statistic from EWM, 48% of their deals are cash in Miami-Dade and Broward markets. That is huge considering The Wall Street Journal reported it was around 22%.
Can prices really go lower? Of course anything is possible in this market especially when there is still a large about of foreclosures that haven’t hit the market. Just like any investment, if you hold for the long term you will get a good return on your investment.