Saturday, March 12, 2005

Hot Housing Markets

These markets saw the greatest gains between the fourth quarter of 2003 and fourth quarter of 2004.
Market Percent increase
Las Vegas, NV 47.3
Riverside/San Bernardino, CA 34.7
West Palm Beach/Boca Raton, FL 34.0
Bradenton, FL 32.0
Sacramento, CA 31.5
Melbourne/Titusvile/Palm Bay, FL 30.5
Washington, DC 26.9
Ocala, FL 26.8
Ft. Myers/Cape Coral/Punta Gorda, FL 26.5
Sarasota, FL 25.8

Now to the defense of Melbourne/Titusville/Palm Bay. This is my old stomping grounds. For the longest time homes sold for $100,000 or less. Rarely did you hear about a sale around $150,000. This market was stagnant for 10 years maybe more. If median home prices are $187,000 this market has yet to hit that. I think in this area, the 30% market increase was more of a market adjustment to current prices. I don't think they are anywhere near "peak". You can still buy a NICE 3/2 home for around $160 in this market area. I am to bet that they will increase this year as well.

New Book coming out:

"Are You Missing the Real Estate Boom?" (Currency/Doubleday), is scheduled to be released in March and predicts that real estate investments will climb through the end of the decade.


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