Any of our South Florida readers who are familiar with previous posts here probably know that the local area has been quite a hotspot for real estate in recent months. Residential property values are growing, and sales have started to pick up as well. However, even if our readers consider this old news, they may not have a full grasp of just how nicely the real estate recovery has taken hold in South Florida. But, a recent report has certainly provided the right context.
According to the report, the median price of a residential property unit in Palm Beach County rose at a percentage in December that led the entire country. The annual increase was reported to have been at 35 percent, with the median price at $169,000.
Broward County didn't fair too badly either, nor did Miami-Dade County. The December percentage increase for Broward County was 21 percent, leaving the median price at $127,000. The percentage increase for Miami-Dade was 20 percent, with a median price at $165,000.
While the rise in Palm Beach County was the best in the nation, the rise in Broward County was ninth best and the rise in Miami-Dade County was tied for tenth best with Sacramento. And this trend may hold, at least for a while. It appears that demand for residential real estate in South Florida will continue to remain strong, as the area still holds a great deal of property with value at the current prices. However, it should be noted that right now - in this seller's market - those who may be in the market to sell their homes may want to start thinking about doing so. Residential development in the area is expected to pick up as well, which could leave prices in a downward trajectory, rather than upward.
Source: SunSentinel, "South Florida housing recovery ranks among nation's best," Paul Owers, Jan. 14, 2013