Anyone looking for storm clouds to gather over the South Florida real estate market any time soon will apparently be waiting for quite a while. According to a recent report, the March home values in the region were 11 percent higher than in March of 2012. March was the last month data was available from the Case-Shiller real estate index, and the increase was reportedly the 15th straight month of gains.
Figures from the Case-Shiller index have been cited in previous posts here, and many in the South Florida area are likely to be familiar with the closely watched indication of real estate health from several metropolitan markets throughout the country. For a prospective buyer, seeing this kind of sustained health in one market, South Florida in particular, can be a great way to gauge whether or not home ownership in that area is a good investment to make.
Real estate transactions in South Florida seem to be setting the standard for what to look for in a market bounce-back. As far as the nationwide prospective goes, there aren’t many markets hotter than South Florida.
However, the latest Case-Shiller data also indicated that markets elsewhere are experiencing some gains, although not nearly as healthy as the numbers from South Florida. Nonetheless, both buyers and sellers throughout the country are probably getting more encouraged as each month passes that the national market could be well on its way to a full recovery. If real estate closings were taking place everywhere at the pace they are occurring in South Florida, there wouldn’t be any denying the comeback. For those individuals or families considering a move to purchase real estate, it appears that this is the time to strike.
Source: The Miami Herald, “Case-Shiller: Property values up 11 percent in South Florida,” Douglas Hanks, May 29, 2013