South Florida’s housing market lacks a certain something: houses for sale.
Tight inventory levels continued to help boost prices this summer as buyers competed for the limited number of houses and condos on the market. Despite the modest bump over last year’s prices, homeowners are balking at putting their properties on the market until values recover more.
“They still feel they won’t get they want,’’ said Jason Smith, a broker with Keller Williams in Coral Gables. “They say, “If I hold off for two years, I’ll get what I want.’ ’’
Maybe. If South Florida home values continue rising at their current pace, it will be 2017 before they return to peaks hit in 2006, according to the latest results from the Case-Shiller real estate index. But numbers released Wednesday show the healing continues.
In Broward, the number of sales of single-family homes increased 15 percent in August from August 2011, and the median price increased 12.5 percent to $215,000. August sales of single-family houses in Miami-Dade increased 5 percent compared to a year ago, and the median prices was up 11 percent to $195,00, according to the Miami Association of Realtors.