Any of our readers who are familiar with our previous posts probably know that South Florida — and in particular Broward County — is an area of the country that is currently an exception among other downtrodden real estate markets. While statistics for the housing market nationwide continue to show stagnation, most of the figures pertaining to the South Florida housing market are showing a relatively robust rebound.
Further reports are providing more evidence of a rebound in this region, with the Standard & Poor’s/Case-Shiller price index, which is a barometer of the real estate market’s health, showing Miami to be one of the few metropolitan areas in the country that is actually seeing increasing prices for residential property. Miami-Dade County, Palm Beach County and Broward County all showed an overall increase with regard to this same time period last year.
Unfortunately, many parts of the country are not sharing in our area’s good fortune. The most recent data shows that cities like Chicago, Las Vegas and New York are hitting new lows, and some, such as Cleveland and Detroit, are showing levels that are even lower than the numbers for the year 2000.
While the overall real estate market outlook remains muddled and grim, South Florida residents can take heart from the revitalization that their corner of the country is experiencing. Buyers and sellers of residential property in Broward County should be aware of their options, as the evidence of a rebounding market in this area continues to roll in. Our readers can probably count on the numbers to show increasing improvement as the heavy house-hunting season gets underway.
Source: The Palm Beach Post, “South Florida home prices increase for four months in row,” Kimberly Miller, May 29, 2012