With rental values strengthening across South Florida, contrasted against the best home values for purchase that we have seen in a decade, more and more of our residents are returning to home ownership.
Currently, sales of single-family homes & condos in Miami-Dade represent 51% of all sale/rental transactions, with 49% of all transactions being rentals. In Broward, 56% of all transactions are sales and 44% are rentals. In 2008, sales across Miami-Dade had fallen to 38% of all transactions, while 62% were rentals. As the numbers reflect, we have made tremendous progress toward re-balancing the market over these past two years.
The total number of Miami-Dade and Broward sales increased by 79% between 2008 and 2010 — from 28,000 total homes & condos sold in 2008 to 50,000 sold in 2010. And…. pending sales in January 2010 are up over 20% compared with 2009. 2011 is going to be another good year for the number of South Florida homes sold don’t loose the train, if you are planning on buying a property there is no better time than the present.
