Ft Lauderdale Real Estate News 7/25/17
Fort Lauderdale Homes Approach Pre-Crash Prices
Home prices increased in June in Fort Lauderdale, throughout Broward County and across South Florida, continuing to approach the all-time peaks hit before the great real estate market collapse a decade ago.
Even so, analysts are not forecasting another meltdown.
“Most economic indicators support today’s prices," explains Ken Johnson, a professor and economist at Florida Atlantic University. "I don’t see us waking up one day like we did in 2008 or 2009, realizing we are in free fall.”
According to the latest statistics released by the Greater Fort Lauderdale Relators, Broward’s median price for existing single family homes hit $355,000, up 9% over June 2016. The Realtors Association of the Palm Beaches reported an 8% increase in the value of existing single-family homes over the past annum in Palm Beach County, where the median price is now $345,000. In Miami-Dade, the median price was $335,000 according to the Miami Association of Realtors, which represents an increase of 6% over the paswt 12 months.
Home values in these three counties, which comprise the geographic reporting area of South Florida, have been climbing steadily since the real estate market began to recover around 2010.
At this point Broward County is only...