Market Overview

South Florida Set to Outpace Nation in Home-Price Increases through 2013


Waterfront Properties and Club Communities' sales specialists have seen a jump in the value of their listings.

Jupiter, Fla. (PRWEB) October 24, 2012

On the heels of a report released by the Realtors Association of Palm Beach County that shows property prices on the rise in the region comes another statistical shot in the arm for the ever-improving housing industry.

Zillow, a popular online real-estate company, is reporting the entire South Florida area experienced a jump in home prices in the third quarter of 2012. According to the figures, the area – which includes Palm Beach, Broward and Miami-Dade counties – saw an 8-percent increase, compared with the third quarter of 2011, and is on pace to continue to climb through 2013.

Agents at Waterfront Properties and Club Communities are as optimistic about the reports as the reports themselves, as they have seen their listings rise in value and witnessed a return to a seller's, rather than a buyer's, market.

Zillow's report also offers more good news. Stan Humphries, the company's chief economist, said homes for sale in Palm Beach County, as well as in Broward and Miami-Dade counties, more than likely will exceed the national pace of home-price increases by as much as 2 percent. Nationally, Humphries pegged the increase at 1.7 percent through 2013. Regionally, he anticipates a 3.8-percent increase through next year.

The numbers represents the biggest boost in the bottom line since 2006.

The report issued last week by the Realtors Association of the Palm Beaches put the median price of a single-family home in the county at $225,000 – up from $180,000 in 2011. The Zillow report puts the median price at $146,900 but factors in condominiums, such as those in Jupiter by the Sea, and Palm Beach County townhouses for sale. Compared to the same period in 2011, that is a 6.3-percent increase.

Jupiter is one of the cities in the region that saw the highest home-value jump. Prices of Jupiter homes for sale rose 9 percent, compared with a 4-percent statewide increase.

The Palm Beach County Clerk of Courts, which handles foreclosures and other realty proceedings, said a record number of mortgages were taken out by homebuyers in September, the latest month for which figures are available. The Clerk of Courts handled more than 4,000 mortgage contracts – a 65-percent boom from the prior year.

It's no wonder wise buyers are on the move to homeownership. Mortgage-interest rates are as low as they ever have been, and residents are taking advantage of it. A new analysis of mortgage interest by the agency Freddie Mac has the rate at 3.39 for a traditional, 30-year fixed mortgage.

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