Florida's Palm Beach County has seen median prices fall in August 2010 and some analysts think the trend could continue through the end of 2010.
Florida's Palm Beach County posted 793 sales of existing homes in August 2010, down slightly on a sequential basis and up 5% from August 2009.
The median single-family home price was $227,800 or 7% below August 2009.
The median price of a single-family home dropped 46% since the peak of $421,500 in November 2005.
What has been the main causes?
The high unemployment rate in Florida at double-digit rates, and an excess supply of homes with many foreclosures in the market.
Where do we go from here?
Zillow.com's chief economist said he'd be surprised if the South Florida region's home prices did not hit "bottom" in 2011.
I think it is important to watch the factors we have previously discussed in an article to get a sense of any particular real estate market (i.e., South Florida or Broward County).
Individual markets and submarkets are important to follow when you are looking to buy or sell a home. A person who understands these markets is very important when taking on a big decision, such as buying or selling a home.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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