We dont need proof of a Recovering Market here at Zuckerman Homes .
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Florida's once-beleaguered housing market made big strides in 2012. After six years of declines, home prices started inching up again.
Homebuilders grew more confident, filling orders amid increasing demand from record-low interest rates. Foreign investors helped gobble up the excess supply of condominiums built during the housing boom, prompting a new wave of condo construction across the region.
Sellers, meanwhile, took control in negotiations as bidding wars often erupted over a dwindling supply of properties.
"What really moved the market in 2012 was the lack of inventory," said Amanda Wilson, a real estate agent with Esslinger Wooten Maxwell in Fort Lauderdale. "People were looking for properties they could have bought 18 months ago, but they couldn't find them. They waited too long."
Housing bottom
Heading into 2012, a common refrain among analysts was that South Florida home prices wouldn't hit bottom until late in the year at the earliest and more likely sometime in 2013.
But by the summer, most pundits and research firms agreed that the worst of the historic housing collapse was over.
Real estate website Zillow.com said in April that the bottom was here — and it actually arrived in late 2011.
Roughly four in 10 South Florida homeowners with a mortgage still are "underwater," owing more than their properties are worth. But price increases will help reduce this so-called negative equity, Zillow Chief Economist Stan Humphries said in a statement.
"After a sluggish 2011, the housing market really turned a corner in 2012, as historic affordability and sustained investor interest helped keep demand at a boil," he said.
Despite concerns that the "fiscal cliff" could send the nation's economy into another recession, Humphries said "we can expect a continued slow transition to a more normal housing environment" in 2013.
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