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Coconut Creek Real Estate Home Prices Rise in December

Housing market

Great news for South Florida sellers started in December, home prices are on the rise no longer giving the buyers the upper hand.  Prices in Palm Beach, Broward and Miami-Dade counties rose 0.8 percent from October and 9.9 percent from a year earlier, according to the Standard & Poor’s/Case-Shiller home price index released Tuesday.

Broward County’s median price for existing homes last month hit $230,000, the highest of 2012 and a 21 percent increase from a year earlier, the Greater Fort Lauderdale Realtors said Tuesday. Broward’s median increased on an annual basis in every month during 2012.  There were 1,238 Broward homes changing hands, up 15 percent from December 2011. Cash deals rose to 35 percent, from 409 to 549.  It was the 11th consecutive month that prices in the three counties have increased on an annual basis.

After a long housing downturn, the market rebounded in 2012. Bidding wars broke out, pitting first-time buyers against seasoned investors. Homes sold quickly and the supply of properties dried up in many areas.  Local Realtor boards release median prices for homes sold in a month, but many analysts say a better measure of values is Case-Shiller, which tracks prices of the same home over time. The index does not include condominiums and trails Realtor board data by a month.

The real estate market in Coconut Creek and South Florida is starting to pick up.  Inventory is low, and demand is high in our city.  If you are thinking about buying a home, it is essential to have all of your ducks in a row in regards to your financing.  Make sure that you are fully qualified for a loan and have your lender or mortgage broker provide you with  a desktop underwriting approval.  This will be helpful when submitting your formal offer to show the seller that you are fully qualified to purchase.  As a result, you will have a better chance of getting the deal.

Know the neighborhood. Know the value. Know your hometown agents. The REMAX Coconut Creek Real Estate Team. If you are interested in buying or selling real estate in Coconut Creek or South Florida and are looking for experienced local Coconut Creek Realtors, please do not hesitate to contact us at  954-609-0591 or send us a message here.

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