Sometimes I feel like a broken record when talking about real estate statistics, but fortunately this broken record is music to our ears. The real estate markets across the country are still performing well and our local markets continue to perform even better. We all know it can’t last forever, but there is no reason to believe the momentum we have right now won’t continue.
S&P/Case-Shiller Home Indices – Miami/Fort Lauderdale Up 7%
The S&P/Case-Shiller 20-City Composite Home Price Index measures the value of residential real estate in 20 major U.S. metropolitan areas. Their most recent composite data released on September 27th showed national home price gains of 5.02% from July of 2015 to July 2016. The Miami/Fort Lauderdale market outperformed the national market gaining 7.05% over the same period. This is consistent with the February report which showed our median prices up 7.1% year over year, further demonstrating the consistency and stability in our marketplace.
REALTORS® Still Confident in the Florida Market
The August 2016 National Association of REALTORS® Confidence Index is based on data collected in a monthly survey of 3,270 REALTORS® across the country. On average real estate professionals expect median price increases of 3.1% in the next 12 months, down slightly from the January 2016 Survey. REALTORS® in Florida are again more optimistic, joining just 4 other states (Colorado, Oregon, Tennessee and South Carolina) that expect median price increases greater than 4% to 5%. Only the District of Columbia and Washington state expect higher gains of over 6%.
Local Market Watch – Single Family Waterfront Homes up 9.7%
We follow 22 different market segments in the Fort Lauderdale area including waterfront single family homes and condos in Broward County. The Landings is included in our Coral Ridge/Landings Single Family Report which includes over 1,500 waterfront homes that share similar locations, size, age and styles. This local market is large enough to provide us with plenty of data points for reliable trending and analysis. Our 6-month analysis is one of the most accurate ways to analyze median price changes since it removes seasonality by comparing the last 6 months with the same period last year. Looking at the period from April 2016 to September 2016 median prices of single family waterfront homes are up 9.7% over last year.
One of our more popular charts shows Median Sale Prices and Sales Volume over the past 10 years. The question we frequently get is “are we back to peak prices yet?” We are close, but not quite back to the peak of 2006/2007. The better news is that our current market recovery is “real” and based on sound fundamentals instead of crazy lending practices.
Check out our latest Market Watch Report for Coral Ridge and The Landings