Not a bad year in South Florida real estate
Not a bad year in South Florida real estate: The total value of all residential properties grew by $61.4 billion in 2015, according to Zillow.com.
The cumulative value of all homes, townhomes and condominiums in Palm Beach, Broward and Miami-Dade counties reached $773 billion, a 9 percent jump from 2014.
South Florida’s total value has increased steadily in each year since 2011, when it was about $523 billion, Zillow said. Home prices hit bottom in 2012, leading to a wave of investor spending that helped the market recover from the six-year collapse.
Seattle-based Zillow releases estimated cumulative values for housing markets once a year but monitors median home values on a monthly basis.
South Florida’s median home value for November, the most recent data available, was $224,900, up about 11 percent from a year ago. Denver had the highest annual increase at about 16 percent.
Prices in Palm Beach, Broward and Miami-Dade counties are expected to rise this year, but that doesn’t mean sellers will be able to ask whatever they want, real estate agents and analysts say. A shortage of properties generally favors sellers, though buyers are as discriminating as ever.