For more information go to www.BuyMiami.net

If you drive around local neighborhoods in South Florida, you're likely to see there are fewer for sale signs than just a few months ago. Aided by rock-bottom bargains, cheap financing and federal tax incentives, South Florida real estate is seeing some solid improvements according to newly released real estate figures.

According to the Realtor Association of Greater Miami and the Beches, pending sales around South Florida are showing double-digit growth. Single family homes are up around 47% over 2009, with multi-family condos skyrocketing by 81.5%.

"The market has been very active but prices are way down under their 2008 peak, down basically about 50%," said Oliver Ruiz of Fortune Int'l Realty.

But the latest figures show single family home prices are finally starting to climb up again, even though condo prices may still be bottoming out. Some local analysts are now predicting once those federal tax credits expire at the end of the month; residential sales could slow down again.

"It's going to impact us hard here," Ruiz said. "The weather's been bad up north and we've had some good sales, but when the credits expire, there'll be fewer people afford to afford buying a home or condo due to not having those Tax Credits."

But there are other big questions that have to be answered to understand the future of local real estate. It's still not clear how many more homes will enter the market through the foreclosure process which is still forecast to worsen.

It's clear while sales are improving; South Florida's overall residential real estate market is still suffering from the glut of inventory of over-built and unsold condos.

But for the first time, single-family home prices are stabilizing and it looks like South Florida's residential real estate market may be close to finally bottoming out, if it hasn't already.

But with those tax credits set to end and the usually-slow summer months just around the corner, it may not be until later in the fall before we start seeing local real estate values really start growing again.

Source: http://cbs4.com/CBS4yourmoney/real.estate.improvement.2.1615203.html