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South Florida home sales are off to a strong start in 2014 as both volume and prices were up in January according to Florida Realtors, a trade group. Single family home sales grew 3 percent as compared to January 2013 and the median sales price was $248,000, a 15.6 percent increase. [1]

Overall, Florida’s home prices dropped more than 48 percent from the first quarter of 2007 to the first quarter of 2013.[2] At the time of the housing meltdown, there was an overabundance of properties and not enough buyers willing to take a risk and enter the market. Those who analyze South Florida real estate would be sure to say it is officially in recovery mode. This is especially true for those looking to buy in the luxury market. [3]

South Florida saw the biggest monthly gain in home prices in December 2013 on the S&P/Case-Shiller index, ending its best year since 2005. Gains, however, are slowing from month-to-month and the strongest part of the recovery in home values may be over. Prices are now at May 2004 levels, according to the index, but are still nearly 37 percent below the peak of the market in December 2006.

Prices on single-family homes in Palm Beach, Broward and Miami-Dade counties grew 0.9 percent in December 2013 from November 2013 and were higher than any other monthly gain in the measure of the nation’s 20 largest metro areas. On an annual basis, South Florida’s prices were up 16.5 percent in December 2013 from the same time in 2012, ranking it sixth in annual gains.

There seems to be an overwhelming consensus among experts that the real estate market is on its way up in South Florida. People are ready to put the concerns of the last few years behind them and start investing in real estate again. Owning a home in South Florida has the beauty of feeling like you’re in the Caribbean while having close proximity to world-class resources. Whether the market recovers rapidly or with sporadic gains – now could be an excellent time to search for a dream home.  read more

[1] South Florida Business Journal; South Florida homes sales off to strong start in 2014 (February 21, 2014)

[2] http://www.housingpredictor.com: 2013 Florida Housing Market; accessed 2/1/2014

[3] http://www.prweb.com: Resurgence of Spec Homes in South Florida is a Clear Sign of Real Estate Market in Full Recovery Mode; November 26, 2013

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