In order to predict where South Florida Home Prices will go in 2013, it makes sense to review the current South Florida housing market cycle.
According to an article in the Sun-Sentinel, single family home prices peaked at $421,000 in November 2005.
During 2006 home prices began to decrease and it was taking longer to sell. Prices continued to decline in an attempt to entice buyers. When it became apparent that prices were continuing to decline, even more homes came out onto the market in an effort to get out before prices declined further.
The "housing crisis" was beginning to take form in 2007. The year saw the economy slow down and jobless claims began to steadily increase. House prices in South Florida began to decline in earnest.
According to a study by Zillow.com for the Sun-Sentinel, "strong" home sales over the past 18 months have reduced the glut of inventory in the Palm Beach County market. The County saw its housing inventory decrease 43% in October 2012 over October 2011. In turn, home prices have increased in Palm Beach County in South Florida, according to the study.
According to the article, homes have historically increased 2.0% to 4.0% annually.
Zillow.com predicts home values in the South Florida market will rise by 2.1% over the next year.
For those buyers who were waiting on the sidelines so as to not "catch a falling knife"-- the opportunity to buy may be here.
For sellers who were waiting to see market prices increase, it might be a good time to contact me to get your home ready to be listed.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
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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