Driven by drop-dead prices on foreclosures and short sales and a looming deadline for federal tax credits, home and condo sales in South Florida shot up in March, brightening the outlook that this year may herald a real estate recovery.
At the same time, wealthy buyers who have waited on the sidelines as the market tumbled are now jumping in. Those investors are opting to put their cash into property rather than risk it in the still-volatile stock market, real estate agents say.
In Miami-Dade County, sales of existing homes rose 17 percent in March compared to the same month last year, and median prices declined 4 percent, according to figures released Thursday by the trade group Florida Realtors.
At the same time, condominium sales jumped 58 percent to 835 sales.