South Florida homes sales skyrocketed in December 2008
January 26, 2009
December existing home sales skyrocketed in both Broward County and Palm Beach County driven by lower prices. Broward County sales rose a whooping 52 percent during the month from last December, but the median price fell 34 percent to $217,700. Palm Beach County sales also increased dramatically by 37 percent, and the median price declined 27 percent to $246,000.
Commenting on the news, real estate agent Glenn Christie of Aslan Group Realty & Investments said “The low prices are causing buyers to jump into the market to take advantage of deep discounts. It is once again cheaper to buy than to rent in most of South Florida.”
While foreclosures will likely continue to drag down prices, and rising unemployment will likely add to the number of mortgage defaults this year. “The buyers market will continue for another three to six months,” said Christie.
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Tags: Homes Sales