Great news for South Florida sellers which started in December 2012, as home prices are on the rise and no longer giving the buyers the upper hand. Prices in Palm Beach, Broward and Miami-Dade counties rose approximately one percent from October and about 10 percent from a year earlier, according to the Standard & Poor’s/Case-Shiller home price index released Tuesday.
Broward County’s median price for existing homes last month hit $230,000, the highest of 2012 and a 21 percent increase from a year earlier, the Greater Fort Lauderdale Realtors said Tuesday. Broward’s median home price increased on an annual basis in every month during 2012.
It was the 11th consecutive month that prices in the three counties have increased on an annual basis. There were 1,238 Broward homes changing hands, up 15 percent from December 2011. Cash deals rose to 35 percent, from 409 to 549. After a long housing downturn, the market rebounded in 2012. Bidding wars broke out, pitting first-time buyers against seasoned investors. Homes sold quickly and the supply of properties dried up in many areas.
Last week, the Greater Fort Lauderdale Realtors said Broward County’s median price in December was $230,000, a 21 percent increase from a year ago. All of this statistical data from research companies and the Tri-County board of Realtors shows just the real estate market is on fire! My team and I are working with many buyers that are surprised how quickly homes are coming on and off the market so quickly, especially in desirable cities such as Parkland, Coral Springs, and Coconut Creek, Florida.
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