The Zillow Home Value Index showed a 1.1% price increase for homes in the South Florida area in March 2012 over March 2011. The Case-Shiller Housing Index showed a 0.8% year-over-year increase in February 2012. Zillow believe the South Florida home market is at price levels last seen in 2002.
Zillow predicts a 5.6% year-over-year increase for home prices next year for the South Florida market. Zillow points to the 19.8% increase in Bal Harbour, 14.1% increase in Bay Harbor Islands and 13.5% increase in Sunny Isles Beach.
Zillow says that about 50% of recent sales were distressed (i.e., foreclosures and short sales), which is down from 60% a year ago. The company believes distressed sales make up about 10% of overall sales in a "normal" real estate market.
I think the Zillow estimate of almost 6.0% year-over-year growth in the South Florida market for next year is ambitious. I expect to see home prices stabilize in South Florida during 2H:12 on a year-over-year basis. I think the upper-end of the range for South Florida home price appreciation in 2013 over 2012 is about 3.0%. A lot will depend on the upcoming US presidential election, the job market and lending practices, in my view.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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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