Categorized | Residential

South Florida Housing Market Starting to Recover

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Housing analysts and experts believe that the South Florida housing market has finally hit its bottom. That shouldn’t come as a tremendous surprise to many, as the market has been strong in Miami-Dade County for the last year. However, when looking at all of South Florida, include Broward and Palm Beach counties, it is clear that the market is finally in recovery mode.

 

Economists believe that housing prices in South Florida hit their bottom towards the end of 2011. Prices in the region are now increasing gradually. While housing experts believe another round of foreclosures will likely hit the market in the coming months, the South Florida market will likely weather the storm.

 

Housing sales and values are on the rise in South Florida. While the median value has only increased one percent from last year, experts are confident that the market will continue to see an increase throughout the year. In fact, they are predicting that the market will rise another six percent in the coming months.

 

Such an increase will make South Florida one of the strongest performing residential real estate markets in the country. Many believe that buyers will start entering the market in the coming months in order to ensure that they get the best deal possible. Buyers do not want to wait until the market is already showing strong increases, as they will then have to pay more for the same home.

 

For those vested in the housing market and in the United States economy in general, the news from South Florida is certainly good news.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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