This depends on which segment of the market we are talking about.
Super luxury is experiencing a real boom - in houses and condos both.
Lower end luxury is softer - properties stay on the market longer, and they sell only if the inventory
dries up in the immediate area, or after a couple of price reductions.
New condo boom has started - which is a threat to the older construction condo sellers.
I hope that those condo owners that need to sell are in tune with this major change in the market place.
Remarkable price increases in condo sales of over 30% for the past 2 years are prevailing in near the beaches areas, downtown, Brickell and those areas that are quickly becoming the next big thing.
Rentals are going up - with many homeowners loosing their homes in foreclosures and short sales,
the need for housing is very high. Many developers are rushing to build affordable housing.
Investors are enjoying lowest vacancy rates possible - with rentals going within a week or two.
Foreclosures are more common again - but banks are not pricing them below the market.
New animal out there - an overpriced foreclosure (priced this way by agents out of the area).
Short sale vacation rentals are doing very well (and so is tourism).
Yes, prices are coming up in most areas. Yet, there are still many areas where the prices are lower than 2 years ago (and that's when the recovery started near the beach and downtown Miami areas).
There are many areas where the crime rates are higher than 2-3 years ago, and homeowners are loosing their equity because of that (hard to sell when your area went down in buyer's perception).
The inventory is shrinking. However, unless a property is priced reasonably, buyers are not jumping
in joy to buy it. The market is regulating itself, and I'm kind of liking what I'm seeing.
So - the recovery in South Florida is happening.
A patchy one, but ongoing...
Hope this helps,
Beachfront Realty, Inc.