Real estate in the South Florida area, in general has risen in price over the past year. Boca Raton has been a part of the higher prices and has seen average sales prices rise for 24 straight moths now. January of 2014 was 16.5% higher than January from 2013 and the prices keep going up.
All the South Florida areas are seeing this type of growth in prices including Palm Beach, Miami-Dade and Broward counties. This is a good sign for Boca and the surrounding areas.
All 20 of the cities tracked by the Standard & Poor's/Case-Shiller home price index saw annual price gains. This is great progress for the area and most experts expect this growth to continue.
Construction Starts in South Florida
When the real estate market took a dive, a few years ago, so did new construction. However, the Boca area has recently seen new developments form. This is not only helping to provide more homes for residents, but has also created more jobs. Over 2,000 new construction jobs were started and finished during 2012 and 2013. This is a large increase from the years prior.
With plenty of land available in the Palm Beach County area, developers are finding a way to create new homes for the retiring Baby Boomers and the wealthy. According to The National Association of Home Builders, each new home under construction creates three new jobs. However, when looking at full communities, even more jobs are created because of the necessary support systems.
Not only is Boca Raton growing again in both price and construction, but it's also growing with jobs. It may not be growing as fast as some of the other U.S. cities, but Boca finally on the rise and it's safe to say, the city is back.
Gloria Singer is the Broker of Boca Expert Realty, a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit www.BocaExpert.com for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market.