Home Prices Rise for the Sixth Straight Month According to the S&P/Case-Shiller Home Price Indices
Since this is the “Market Minute” I won’t get into the nitty gritty on Case-Shiller and how it is calculated, but it is considered one of the leading measures for the US housing market and includes a national index as well as 20 individual US markets including the South Florida Metorpolitan Market (Miami/Fort Lauderdale/Pompano Beach).
Case-Shiller’s latest press release shows national housing prices up 3.6% from Q3 2011 to Q3 2012 and Miami Metro prices up 7.4% for the same period. While this is great news for our South Florida market, we are still only back to price levels of June 2003.
What’s Happening “By The Sea”?
As you know we specialize in Broward County’s coastal communities, so lets take a look at our backyard. The following statistics are pulled from our local MLS and compare median single family and condo sale prices in Q3 2012 with one year earlier in Q3 of 2011, including properties East of US-1 in Broward County. We also break our data down between waterfront property and non-waterfront. All 4 categories show strong price increases for the period.
Median Closed Sale Prices Broward County East of US-1
|Q3 2011||Q3 2012||% change|
|Single Family Waterfront||$780,000||$824,000||+5.6%|
|Single Family Non-Waterfront||$300,000||$360,000||+20.0%|
Bottom line: After several years of “bouncing along the bottom” and decreasing inventory levels, we are finally seeing signs of our property values going up in East Broward County. We still have a long way to go to get back to the peaks of 2006/2007, but this is certainly all good news for South Florida.
Want more? For detailed data on our individual markets in Fort Lauderdale, Lauderdale-By-The-Sea, Pompano Beach, Lighthouse Point, Hillsboro Beach, Deerfield Beach, Dania Beach, Hollywood and Hallandale Beach please see our Local Market Watch Reports.