Many of our South Florida readers are familiar with the Case-Shiller real estate index. The index, which has been referenced in previous posts here, tracks real estate values across a variety of metropolitan areas in America. Most of the monthly reports from this index that focus on the South Florida area have been full of good news for quite a while now. It appears that the positive trend is in no danger of ending any time soon.
According to a recent report, the Case-Shiller data from November of last year – the last month data is available from – showed that the area around the Miami market had the highest increase in residential real estate values of all 20 of the markets measured. The increase stood at .7 percent, but, while that may seem like a small figure, the increase actually represents the fastest growth in the area from one month to the next since 2006.
Even though this latest data is already three months old, the results clearly show that the South Florida market is one area of strength in this country for anyone interested in purchasing residential property, or even for investors looking for a spot to begin residential development. Until the Case-Shiller index – or any other data, for that matter – begins to show a slowdown for the greater Miami area, there is no reason to think that there is too much supply to meet demand.
To be sure, anyone who looks around the South Florida area will notice that home values are still increasing and more condo towers are under construction now than at any point in the last five years. This makes for the quintessential seller’s market, but that is not to say that a buyer with the right information and good timing can’t find a steal of a property.
Source: Miami Herald, “Miami takes top score in latest Case-Shiller real estate report,” Douglas Hanks, Jan. 28, 2014