The Real Deal Miami

Is South Florida’s housing market healthy?

Even brokers say it's hard to tell
May 12, 2014 05:15PM

South Florida

South Florida

It’s difficult to say just how well the South Florida housing market is doing, according to Miami Realtor Javier Gonzalez. But brokers across the region agree that it is more competitive than ever.

“It’s a real complex question. Every market is a micro market,” Gonzalez, an agent with RE/MAX Advance Realty, told the Miami Herald. “A lot of people don’t understand.”

But whether you are at the top of the market – think $50 million condos – or at the bottom – a 354-square-foot foreclosed apartment asking $9,900 in the Freddie Mac HomeSteps program – everyone agrees that inventory is tight.

“Inventory is very low, and there’s pent-up demand,” said Ivory Cooks, a Coldwell Banker agent who sells in the Grove. Over the last month, Cooks said that three of his listings there sold, and “all had multiple offers.”

“People were willing to overpay. I have seen home-buyers negotiating more,” Jaime Rodriguez, principal loan originator at MVP Mortgage Company in Miami, added.

“I see it converting more to a balanced market. I wouldn’t say it’s a buyer’s market, but people are negotiating more.” [Miami Herald] Christopher Cameron