We have more to be thankful for here in South Florida as October brought a statewide increase in pending sales, closed sales, and median prices while the inventory of homes on the market dropped. These positive trends are all a move in the right direction for Florida's real estate market.
The Palm Beach Post shared that South Florida home values increased by 8% when compared to the same period in 2011, which significantly outpaced the third quarter nationwide home value increase of 1.3%. Online real estate firm Zillow is very optimistic that this growth in South Florida market values will continue in 2013 and anticipates that Palm Beach, Broward, and Miami-Dade counties will experience a 3.8% increase in value over the next year. Some of the largest gains in home values during the third quarter include Juno Beach (up 11%), Boca Raton (up 7.2%), and Palm Beach County (up 6.3%).
Reported recently in The Sacramento Bee, Florida Realtors President Summer Greene said, "The state's latest unemployment rate fell to 8.5%, the lowest in nearly 4 years-and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path." Homes sold throughout Florida in October totaled 17,779, which is up 25% when compared to the same period 1 year ago. Pending sales in October were up nearly 57% from the same month in 2011, and the statewide median sales price was up 9% in October. If you are looking to take advantage of the positive developments in the South Florida real estate market, contact a Lang Realty agent at 866.733.2214.