May was a Good Month for Home Value

The Case Shiller Value Analysis released this morning reported that May was a good month for home value.  Twenty of the US metropolitan areas included in the study registered increases with South Florida in the pack at UP 1.18%.

High-Priced Homes Drove Value Increase in May
The Case Shiller Value Analysis presents single family home values in tiers based on a price break calculation they identify as Low, Medium and High.  I've charted the last couple of years on the attached chart for South Florida (Miami & Ft Lauderdale).  This shows that the 1.18% aggregate increase in values was driven by strong value increases in higher priced homes (those over $249,104) while lower priced homes actually declined just a bit.

Pompano Beach Condo Sale Confirms Values are Increasing

I am pleased to announce the sale of our listing, unit 1206 in the Waterbury Condo for $213,000.  This remodeled 2 bedroom/2 bath unit at 1180 square feet ($180.50/square foot) is the highest sale in the building in two years.  The condo was impeccably maintained and the kitchen had been remodeled in the last three years. The limited number of homes available to the buyers drove this sale.

If you’re a seller waiting for a more favorable time to list and sell your property, NOW IS THE TIME.  The buyer pool is still smaller than we would like to see it and it is the limited number of choices that resulted in the sale I’m reporting here.  As the market stabilizes sellers who have been holding off will jump into the market and the inventory will increase.  List now while your property is the only game in town.  Call me today to initiate a plan to get your property sold.

The Bottom of the Real Estate Market

In a great article on the South Florida economy in this morning’s Miami Herald, Octavio Hernandez, President of US Century Bank was quoted: “In the last two months, we have seen a lot of activity” from distressed-asset buyers, “I think people have realized prices have pretty much dropped as far as they’re going to”.   This suggests that ‘vulture investors’ have concluded that now is the time to enter the market before values begin their slow climb.  Obviously this is a great indication for buyers to get serious about investing in real estate but sellers too should take this opportunity to list now to take advantage of the reduced inventory and buyer urgency to make their move.