Case Shiller Home Price Index: May 2015: Home Prices Still Rising in Boca Raton and South Florida

With home prices continuing to climb in the Delray Beach area, it might make sense if you are thinking of selling your home to list it now.  If you are expecting to purchase a home in the Boca Raton or Boynton Beach area, now could be a good time as prices continue to rise.  Call me on my cell phone at 561-247-3550 in order to discuss your situation.

The price of homes in the US rose by about 4.8% in May 2015 over May 2014, according to the Case Shiller Home Price Index when looking at the 10-City and 20-City composite.  The Case Shiller Index shows South Florida home prices increased by 8.0% on a year-over-year basis in May 2015.

David Blitzer, Managing Director and Chairman of the Index Committee stated, "as home prices continue rising, they are sending more upbeat signals than other housing market indicators."  He continued, "nationally, single-family home price increases have settled into a steady 4%-5% annual pace following the double digit bubbly pattern of 2013.  Over the next two years or so, the rate of home price increases is more likely to slow than accelerate.  Prices are increasing about twice as fast as inflation or wages."



I found the comments on first time home buyers in the report to be interesting.  David Blitzer said, "first time home buyers are the weak spot in the market.  First time buyers provide the demand and liquidity that supports trading up by current home owners."  He also quoted research by the New York Fed that pointed to "the size of mortgage down payments as a key factor".  The press release stated, "mortgage rates are far less important to first time home buyers than down payments."

Measured from the peak in June/July 2006, the current decline is approximately 13%-15% off the top.  Since the bottom in March 2012, the 10-City and 20-City composites have recovered, 32.5% and 33.5%, respectively.

Other areas of interest:

May-15	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	179.3	1.50%	2.20%
Chicago	130.81	1.30%	2.20%
Miami	200.07	0.80%	8.00%
Minneapolis	144.45	1.10%	3.00%
New York	177.4	1.00%	3.00%
Tampa	169.39	0.70%	6.40%
Composite 10	194	1.10%	4.70%
Composite 20	179.03	1.10%	4.90%
Source:
S&P Indices
Firserv

I take an analytical approach to buying, selling and leasing real estate.  If you are thinking of selling or buying a home in Boca Lago in Boca Raton, 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

The greatest compliment you can give is the referral of your friends and loved ones

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

South Florida Renters Pay Among The Highest Percentage Of Income Towards A Place To Live

The Sun-Sentinel newspaper ran an interesting article on August 31, 2014 regarding South Florida renters.  According to the piece, South Florida renters pay about 44% of their incomes towards rent.  Zillow reported the national average was 30% of income going towards rent.

The ratio of rent to income for South Florida was third in the nation, on par with San Francisco and below Los Angeles (48%).  According to the Sun-Sentinel article, which was quoting from a Zillow study, South Florida renters paid about 34% of income towards rent ten years ago and the national average was around 26% at the same time.

According to the Sun-Sentinel, the median monthly rent for Palm Beach County was $1,364 in 2014, up from $1,173 in 2011.  Of note, the U.S. Department of Housing and Urban Development reported Palm Beach County's median household income was $63,300 in 2014, which is the same as in 2011.  This means people in Palm Beach County have less discretionary income when compared with a few years ago.

Call me today for more information.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, 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

The greatest compliment you can give is the referral of your friends and loved ones

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

How Far Below The Peak Is The South Florida Real Estate Market?

Many people want to know if the home prices in South Florida have fully rebounded to the levels seen at the recent height of the market.  According to the Case Shiller Housing Index report for the period ending June 2014, prices in the South Florida market are still "a third or more below their peak prices set almost a decade ago."

The Case Shiller report for June 2014 also commented on mortgage rates; it was stated that "rising mortgage rates won't send housing into a tailspin, but will further dampen price gains."  My interpretation of the commentary is that the Chairman of the Index Committee, David Blitzer, foresees continued price increases to home prices in the near-term, but at a slowing pace-- even if mortgage interest rates rise.

Call me today for more information.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, 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

The greatest compliment you can give is the referral of your friends and loved ones

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

Case Shiller Housing Index: August 2013: US Home Prices Continue To Rise, But At Slower Pace

The US housing market showed a price increase of 1.3% on a sequential basis and 12.8% on a year-over-year basis in August 2013, according to Case Shiller Housing Index.

The Sequential increase for the US housing market hit a zenith of 2.6% in April 2013 and has been increasing at a declining rate since. 

The South Florida market has had a similar trend with the peak of sequential increases being 2.6% in May 2013.  We also see sequential price increases for home sales at a declerating rate since May in the South Florida housing market. 

The South Florida market continues to show robust price increases from a year ago, with a 13.5% year-over-year increase in August 2013.  South Florida continues to outpace the US housing market for price increases as a whole on a year-over-year basis.

With the Federal Reserve situation relatively settled with Janet Yellen set to be confirmed, I foresee confidence in the market for continued low mortgage rates.  This should be a positive for the housing market for 1H:14.

If you are looking to buy a home, this could be a good time as prices continue to show an inclination to increase.  Sellers should be in a good position in the near-term.  I work with both buyers and sellers, so please contact me if you are making a move in the South Florida market.

Other areas of interest:

Aug-13	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	168.27	0.70%	6.30%
Chicago	127.68	1.60%	8.70%
Miami	170.41	0.80%	13.50%
Minneapolis	137.34	1.80%	10.20%
New York	172.46	1.10%	3.60%
Tampa	153.93	1.80%	14.10%
Composite 10	178.75	1.30%	12.80%
Composite 20	164.53	1.30%	12.80%
Source:
S&P Indices
Firserv

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, 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

The greatest compliment you can give is the referral of your friends and loved ones

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

Palm Beach County Rental Occupancy Rate: Homes For Sale: Homes For Rent

The rental market in South Florida continues to show strong demand.  According the the Sun-Sentinel, the occupancy rates for apartments in Broward County and Palm Beach County are past 90%. 

The article also indicates landlords were able to raise monthly rent rates due to the high demand.

I tell clients to be prepared when making an offer as the rental market moves quickly.  Prospective tenants should be prepared to put up an earnest money deposit and security (typically one month's rent each).  Also, credit score, work history and related information will most likely need to be shared with prospective landlords and possibly condo/homeowner's associations.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, 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

The greatest compliment you can give is the referral of your friends and loved ones

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

Distressed And "Underwater" South Florida Homeowners: Homes For Sale: Homes For Rent

With the South Florida housing market on the upswing, people have asked me what the status of "underwater" and distressed properties in the market.

According to Zillow, about four in 10 homeowners in South Florida with a mortgage are "underwater," meaning they owe more on the home than the current value.  I believe this situation is tamping down the rate of sales in the market.  Many may want to move but are unable to as they will need to come up with money in order to meet the short fall from the sales price and the outstanding mortgage.

A recent article in the Sun-Sentinel about foreclosures quoted 29,6000 Florida homes that received a foreclosure notice in November 2012; this less than half of the state's peak of 64,588 foreclosure notices going out in April 2009. 

There are still distressed properties in the South Florida real estate market, just not as many as there once were.  Homeowners are still struggling with their current mortgages and I am here to help.

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

The greatest compliment you can give is the referral of your friends and loved ones

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

Seller's Market Again In South Florida? Homes For Sale: Homes For Rent

A seller's market might be emerging once again in the South Florida real estate market.

The Realtors Association of the Palm Beaches reported Palm Beach County's median sales price for existing homes increased 12% in August 2012 from the previous year; unit sales were up 8% during the same time frame.

The levels of inventory is contracting and buyers are finding they do not have the same leverage they recently enjoyed.  The vast majority of people I have worked with recently marveled at the lack of current inventory.  I have heard, "can't be all there is" and "are you sure there aren't more available" when I send search results. 

When speaking with people who are thinking of selling their home and/or renting it, they all seem to be keenly aware that prices are moving up for both-- and inventory is moving quickly.

The market is continuously changing.  Contact me for more information.

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

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

More Accurate Housing Data Coming To Florida: Homes For Sale: Homes For Rent

The Palm Beach Post recently posted an article stating Florida will be the first state in the nation to get its own home sales price index; it will be similar to the Case-Shiller Housing Index.  The launch is scheduled for September 2012.

The index will be created by the Florida Realtors and will be released quarterly; the data will go back to 1995.  The index should be an improvement over the Case-Shiller Housing Index, which only includes data for Tampa and South Florida (a combination of Palm Beach, Broward and Dade Counties).

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

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

Palm Beach County Home Prices Up, Inventory Down: Homes For Sale: Homes For Rent

Historically low interest rates and a reduction of inventory seems to be tempting buyers to move in the Palm Beach County of South Florida.

According to the Sun-Sentinel, there were about 7,000 single-family homes for sale in June 2012, which was about half of the inventory level in June 2011.  The low interest rates on mortgages by historic levels and the reduction in inventory seems to be helping to give sellers some price leverage.  Existing median home prices in Palm Beach County was $225,000 in June 2012, according to the Realtors Association of the Palm Beaches, which was 7% higher when compared with a year ago.

As I have posted about earlier, homes that are in relatively good condition and priced within the market range, will generally move quickly.  I have had a recent situation where I was working with a buyer in an area that had ample inventory.  Within a six month period most comparable homes have been purchased and the market for similar homes in the area are scant.  My guess is when similar homes do come onto the market in that neighborhood, the interest level will be favorable for the sellers.

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

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

Is It Still A "Buyers' Market" In The South Florida Real Estate Market? Homes For Sale: Homes For Rent

During a recent home inspection, I was speaking with the other real estate agent involved in the transaction about the current status of the real estate market.  Our recent experiences seems to indicate a shift from a "buyers' market" to a more "neutral market;" meaning the current South Florida real estate market does not seem to clearly favor the buyer or the seller.

In the community in which the transaction is occuring we were discussing the lack of current inventory.  This particular transaction is taking place in Boynton Beach.  When the offer was placed and accepted on this particular home a couple of months ago, it was still a "buyers' market."  There was more inventory than demand, which favored the buyer over the seller.

Now there are not many homes still available and there continues to be interest by buyers in the community.  That reminded me of a recent situation where my client made an offer on a home and the deal recently fell through.  We continue to search that market for homes to buy.  Where there were many a couple of months ago, we cannot find a similar property right now.  That does not mean one will not become present on the market; however, I expect it to be more competitive when the home does become available.

In discussion with other brokers in the South Florida market, I continue to hear similar anecdotes.  Those who are still uncertain about buying homes in the current market might want to reconsider.  I believe we are at an inflection point in the real estate market.  If the economy shows sustained growth, then I think we will see a slow, but steady rise in home prices.

As a local Realtor, 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

Real Estate Could Be A Good Investment Again: Homes For Sale: Homes For Rent

There are several reasons why real estate could once again be considered a good investment, in my opinion.  My main theory is that most all other asset classes have rebounded from the "Great Recession"-- except the residential real estate market.

We have seen the stock market double off its recent lows, precious metals (i.e., gold) has spiked, the oil market was recently a political issues as prices rose and the US treasury market has been a safe haven for investors.  Can real estate make a come back like some of the other asset classes?

With mortgage rates at historic lows, housing affordability levels reaching a favorable inflection point and an influx of investors snapping up inventory leads me to think the real estate market is poised for positive momentum.

The increase in rents due to increased demand will spur some renters who can afford it to become homebuyers and it will also continue to entice investors, in my view.  As mortgage rates rise (it is inevitable), I think those on the "fence" about buying a home will come into the market quickly to take advantage of rates while still favorable.

It is still a "buyer's" market and those who are thinking of buying a home now should take advantage of the low mortgage rates and favorable market conditions, in my view.

As a local Realtor, 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

Positive Sales Trends In Florida Real Estate Market: Homes For Sale: Homes For Rent

On a year-over-year basis, the housing market showed signs of strength in May 2012 over May 2011.  The amount of closed sales rose, median prices increased and housing inventory levels dropped, according to data released by Florida Realtors. 

Sales of single family homes in Florida increased 7.2% and townhouses and condominium sales increased 5.4% during May 2012 over May 2011, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing.


The state of Florida saw median sales prices for single family homes increase 8.9% and median townhouse and condominiums were up 14.3% in May 2012 over May 2011, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. 
 
Florida Realtors Chief Economist Dr. John Tuccillo said  homesellers in the Florida market "are receiving a  higher percentage of their asking price."  He is also quoted as saying the following: "Perhaps the most striking characteristic of this market has been the dramatic drop in inventories.  Now, Florida is in what is generally considered a balanced market-- that is, one that favors neither buyers nor sellers."
 
As a Realtor in the local South Florida market, I am experiencing a similarity to what was discussed above about the state of Florida's housing market.  There seems to be more activity and inventory levels seem to be dropping.  I think the housing market will see prices remain relatively steady for the remainder of 2012 (2H:12).  However, a sustained buzz about dropping inventory levels and price increases is now more prevalent than anytime during the past year, in my opinion.
 
As a local Realtor, 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

South Florida Home Prices Increase in March 2012: Homes For Sale: Homes For Rent

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

Reduction In South Florida Housing Inventory: Homes For Sale: Homes For Rent

The South Florida real estate market is still a "buyer's market;" however, there is more competition for the homes on the market.

CondoVultures, a consulting firm, reports the South Florida housing inventory is down 58% from Thanksgiving weekend in 2008.

Broward County has seen its inventory reduced by 64% and Miami-Dade is down 63%. Better news for those seeking homes in Palm Beach County, which saw only a 45% decline in housing inventory since 2008.

A reduced pace of foreclosures and an influx of foreign buyers are largely credited with the reduction in for-sale inventory of homes.

I am noticing this trend in the markets recently as I have been working with clients in: Boynton Beach, Boca Raton and Delray Beach. The circle of homes that I deem to be "gems" has slimmed down and my clients are focused on those that remain. I am advising clients to move quickly if they see something they want to own.

As a local Realtor, 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 www.langrealty.com/agents/michael-friedman

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

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

South Florida Home Sales For October 2011: Homes For Sale: Homes For Rent

The volume of home sales has been picking up in South Florida during 2011. One reason believed to be helping the market is the foreign investors have found the market attractive. These buyers tend to have a longer-term outlook and think the inventory in the region is affordable.

Palm Beach County saw sales of existing homes increase 27% in October 2011 over October 2010. The increase was 16% for Broward County during the same timeframe.

However, the increase in sales came at a lower median price. Palm Beach County's median sales price in October 2010 was 16% off of October 2011. The median sales price declined 7% in Broward County on a year-over-year basis during October 2011.

As a local Realtor, 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 www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

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

South Florida Housing Trends: Some Positive Numbers For August 2011: Homes For Sale: Homes For Rent

Miami-Dade and Broward Counties showed some positive home sales trends in August 2011.

Existing conco sales in Miami-Dade were up 51% from last year and 18% on a sequential basis in August 2011. Single-family homes had a 49% year-over-year increase and a 9% sequential uptick.

In Broward County, annual sales increased 21% for existing condos and single family homes rose 19% in August 2011.

When looking at the pricing there were upward trends as well. Miami-Dade existing condos sold at a 13% increase in August 2011 over August 2010; single family homes dipped 1%.

Broward's median price for existing condos rose by 6% in August 2011 on a year-over-year basis and single family home prices increased 5%.

If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

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

South Florida Homes For Sale Declining: Homes For Sales: Homes For Rent

Believe it or not the number of homes and condominiums for sale have decreased in South Florida during 2011. In fact, the number of single family homes and condos on the market was about half of what was available in October 2011 versus October 2010.

As I have been telling clients, homes that are priced right are getting offers, even in this sluggish housing market. Inventory levels are an important factor in determining price.

More good news for those looking to sell their homes in South Florida: CoreLogic reported shadow inventory levels of homes for sale declined to 1.6 million in July 2011, which was at 1.9 million a year ago. Shadow inventory is a hiddden supply of homes that are likely to come on the market as a result of foreclosures.

Let's not get too excited yet. One factor is the reduction of foreclosures due to the "robo-signer" controversy. Lenders seem to be getting over the hump on this issue and are starting the foreclosure process more quickly.

In addition, high level of under water mortgages and a sluggish labor market should cause an increase in both foreclosures and shadow inventory.

The market is diffcult to predict-- if you are looking to buy, sell, rent or lease a home, now might be a good time to take action.

If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

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

Case Shiller Index: April 2011: Slight Sequential Uptick In Prices; YOY Down Trend Continues: Homes For Sale: Homes For Rent

Case Shiller Housing Index continues to show weakness in the US. One positive is a slight sequential increase in April 2011 over March 2011; however, this was less than 1.0% price increase.

In April 2011 the year-over-year price decrease was 5.6% in the Miami region (South Florida) versus the national average reduction of around 3.5%, according to the Case Shiller Index. The Tampa area showed greater weakness with an annual decrease of 7.7% in April 2011.

The postive sequential trend alluded to earlier might be the start of a positive trend in the US housing market. However, it is only one month and a relatively weak sequential move to the upside.

The South Florida market continues to be plagued by heightened levels of unemployment, higher than usual levels of distressed properties along with the general economic uncertainty of recent months. Tighter lending practices, tougher appraisals and economic uncertainty seem to be discouraging those who are seeking financing. The recent "soft patch" in the national economy seems to be making some cash buyers or those who will use limited financing take a longer look. The lenders and buyers seem to be waiting for an indication as to which way the US economy is headed at the moment.

Some other areas of the nation that we focus on are listed below:

Case-Shiller Housing Index:

April 2011 April/March March/ February
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)

Boston 147.07 -0.2% -1.7% -4.2%

Chicago 110.12 -0.4% -2.4% -8.6%

Miami 136.99 -0.2% -0.8% -5.6%

Minneapolis 106.07 0.4% -3.7% -11.1%

New York 164.17 0.8% -1.0% -2.8%

Tampa 126.47 -0.4% -0.5% -7.7%

Composite-10 152.51 0.8% -0.8% -3.1%

Composite-20 138.84 0.7% -0.9% -4.0%

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 to contact me.

If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550.


Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550

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

Vote On Best Boca Raton, Florida Country Club Community: Homes For Sale: Homes For Rent

With an abundance of top-rated country club communities in Boca Raton, Florida, we are seeking to rank the top-five.

We would like your feedback as a component of our rankings. Please leave a comment with your favorite country club community in Boca Raton and the reason why. You do not have to currently live there. For instance, there are many people who have friends at various clubs and have a particular liking to one over others.

We look forward to reading and posting your comments. If you wish your comments to be counted in our survey, but not posted, please let us know in the body of your comment section.

We will keep you apprised of the results and look forward to doing more rankings for other types of communities and different South Florida cities.

To receive more information on properties in the area, feel free to text me or call me at the number below.

If you are thinking of selling or buying a home, or require more information, please feel free to contact me.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550

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

Homes For Sale: Homes For Rent: April 2011: Reduction In Florida Foreclosures; Sign of a Turnaround?

Is the real estate market in Florida finally turning around? Foreclosures in April 2011 fell 59.0% when compared with last year, according to RealtyTrac, a service that tracks foreclosures. Some may point to this as a sign that the real estate market is improving in Florida. However, despite the big drop in foreclsoure activity, Florida was still second in the country in regards to foreclosure activity.

Nationwide, foreclosure proceedings in April dropped 34 percent from April 2010 and were 9 percent lower than March 2011. Part of the reason for the slowdown seems to be the lengthening of the time to process foreclosures (please see previous posts on this subject).

RealtyTrac estimates it now takes an average of 400 days from initial default to completion of the foreclosure. This compares with 340 days a year ago and 151 days in 2007. The average foreclosure in Floridaq took 619 days in March 2011, according to RealtyTrac-- or three times longer than 1Q:07.

As mentioned in previous posts, we think this points to the possibility of increased number of short sales in the foreseeable future. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.

To receive more information, feel free to text me or call me at the number below.

If you are thinking of selling or buying a home, or require more information, please feel free to contact me.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550

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