South Florida Home Prices Rising

Clear Capital, a California research firm, says that South Florida’s housing market will continue to improve during 2012 as home prices will rise six percent throughout the rest of the year.

According to their research, Palm Beach, Broward and Miami-Dade counties will rank in the 10 highest performing large metro markets in the entire country.

Alex Villacorta, director of analytics and research at Clear Capital says that demand form foreign investors has been a big help in bringing about the South Florida market recovery.

Although gains are expected in the market, Villacorta says the market isn’t out of the woods just yet.

“All of these markets still have a long way to go,” Villacorta said.

That being said, though, there is still plenty of good news to go around for the South Florida markets, chief among them home sales in Miami-Dade, Palm Beach and Broward counties, which saw a spike in February and have reached their highest level in five years, according to loanrateupdate.com.

“Miami home prices have rebounded sooner and stronger than predicted, which is a very encouraging sign for the Miami real estate market,” said Martha Pomares, chairman of the Board of the Miami Association of Realtors (MAR).

Patricia Delinois, the residential president of MAR, said that the rising prices in Miami – something almost entirely unique in the national market – are a result of rising demand.

‘Rising prices have resulted from an all time Miami home sales record set in 2011,” Delinois said. “Miami not only attracts the highest percentage of international buyers and investors, but also has become the focal point of emerging markets, as worldwide buyers and investors recognize the benefits of investing in Miami.”