Broward County residents have been getting mostly good news about the real estate market for months, so many people were probably expecting at least a shade of a warning sign at some point. The warning, if it could be called that, comes from the authoritative residential real estate website Zillow.com, whose chief economist has predicted that the market for residential property in Broward County is likely to “level off.”
However, South Florida residents can take heart, because the predicted “leveling off” should be at least a year away, and when it happens it won’t be an altogether bad development for the real estate market. Indeed, accompanying the report from Zillow was data which indicated that a 6 percent increase in home values occurred in the second quarter of 2012, and this rate was predicted to continue at least through the same time next year.
Overall, in Miami-Dade, Palm Beach and Broward counties, the value index was reported to be up to $148,300, representing a 6.4 percent increase in the period starting in April and ending in June. Deerfield Beach and Fort Lauderdale saw some of the biggest increases.
This data shows the value of homes in the areas analyzed. The report also noted, on a nationwide scale, that approximately one-third of the 167 areas analyzed showed increases as well — not a full recovery by any means, but welcome news for a housing market that seems to be clawing its way out of the bottom it hit in recent years.
Source: Sun Sentinel, “Zillow: Home values up, but expect a leveling off,” Paul Owers, July 24, 2012