The weather is getting hotter and so is the South Florida real estate market. As we approach the summer buying season all indications are that south Florida’s real estate market will continue to sizzle.
According to the latest Too Single-Family Housing Markets Report from Ten-X, an on-line real estate marketplace south Florida has two of the 5 hottest markets, Ft. Lauderdale and Palm Beach County. The top five markets displayed the most consistent combination of factors of rising home prices, home appreciation, favorable affordability and positive economic and demographic conditions for future demand. The Ft. Lauderdale market ranks number 5 on the list due to the increase in the employment rate, up 3.1 % from last year lead by the 7.7.% increase in the professional/business services sector. Seasonally adjusted median sales are up 8% to $226,000 while housing prices show room for advancement at 22% below their previous peaks.
Palm Beach County fairs even better ranking number 4 on the list. Seasonally adjusted employment is up 2.5% annually with the professional/business sector up 6.7%. Home prices increased by 14.1% from last year, the second highest increase in U.S. metro in the fourth quarter. The current median single-family home price is $247,000. Palm Beach County also ranks in the top 20 nationally for transactions starting at $10 million.