Fort Lauderdale ranks #5 on Realtor.com’s Top Ten Early Turnaround Town Report.
In addition to Fort Lauderdale, six other Florida Markets (Miami, Orlando, Fort Myers – Cape Coral, Sarasota and Lakeland-Winter Haven) dominate the Top Ten list based on Third Quarter 2011 data.
All these markets have experienced significant reduction in inventory, median price appreciation, and the length of time a property sits on market for sale.
In addition, Florida has a lower unemployment rate and the warm climate makes it an ideal location for a vacation-second home.
With the decline in the US dollar, Florida has seen a steady flow of Foreign buyers taking advantage of both their currency purchase power and the depressed real estate market scooping up properties at much lower prices.
The Fort Lauderdale Real Estate Market inventory has reduced by as much as 38% and real estate prices are trending upward after falling as much as 50% since 2005.
In summary, the real estate market seems to be in a recovery mode. Buyers who are the fence about buying or are convinced prices will continue to fall, may want to reconsider. Interest rates are at historic lows and now may be the perfect time to jump in.
Besides, the weather is great!
