Last time I discussed with you a trend on the South Florida real estate market in which home prices are dropping and South Florida home buyer interest is rising.
Today I’d like to discuss with you a recent report by Zillow.com that further breaks down the drop in South Florida home prices.
Zillow.com is a Seattle-based company that studies real estate trends all across the country.
South Florida Homes for Sale
According to the recent report by Zillow.com, South Florida home values decreased by 12.8 percent during the first quarter of 2011 when compared to the first quarter of 2010.
Compared with the 25 largest metropolitan areas, the South Florida area (which includes Palm Beach County, Broward County and Miami-Dade County) ranked number five for steepest drops in home values.
Detroit and Atlanta tied for the largest annual decline in home values at 17.3 percent.
Here’s what else the real estate website reported about our South Florida real estate market:
- South Florida home values have dropped to 2002 levels.
- Miami-Dade and Broward County home values are less than half of what they were five years ago.
And although Zillow.com previously predicted that the national housing market would bottom out by late 2011, experts are now saying that the housing market won’t bottom out until 2012.
Since Florida’s housing market crashed before much of the rest of the country, my prediction is that our housing market will bottom out earlier than that.
Purchasing a South Florida Home for Sale
The news from Zillow.com is likely grim news for South Florida home sellers looking to get a great price for their South Florida home for sale.
But for South Florida home buyers, conditions are just right to enter the South Florida real estate market.
For more information contact me today to further discuss your options on the South Florida real estate market as a South Florida home buyer.
Feel free to browse some of our amazing residential communities in South Florida online. These include:
- Aventura Lakes
- Courtyards at the Point
- Island Estates
- Presidential Estates
- Harbor Islands
- Golden Beach
- And more!
Until next time,
Scott