Its been quite some time since anybody referred to any real estate market as Hot, but sure enough BusinessWeek has done just that in their article Signs of Life from the Real Estate Market (March 6, 2009).  While the story is wrapped around the Enerios, a couple in search of their first home in Fairfield — a community in Northern California, it speaks to a trend that is building in numerous markets around the country. Whats the trend, you ask? Simply put, and after months of decline, home prices in some of the more desirable markets have finally begun to settle into the buyers sweet spots.

According to the article, Fairfield—like many of the most battered areas of California, Florida, Nevada, and Arizona—is suddenly hot again. Does this mean that the great Florida real estate boom is back in business? Absolutely not. It does, however, point to what Ive seen through my own real estate practice — there is a modicum of strength and stability returning to the South Florida real estate market. In fact, the article speaks to a phenomenon that I have experienced already a handful of times this year; namely mini-bidding wars for short sale and foreclosed properties that have resulted in the ultimate buyer paying more than the asking price.

So, what specific areas of interest to us are mentioned in the article? Cape Coral in the Cape Coral-Ft. Meyers metro area ranked #5 with a 103% increase in sales (Q4-2008 vs. Q4-2007) and Miramar / Pembroke Pines in the Miami-Ft. Lauderdale metro area ranked #12 with a 35% increase in sales and a median home price of $265,000. There were an additional two metro areas in Florida (Valrico in Tampa-St. Pete-Clearwater at #16 and Clermont in Lakeland at #18) rounding out the Top 20 national areas with the most improved home sales.

Interestingly enough, and before I came across the BusinessWeek piece. I had intended to blog about my own Q1-2009 experiences during which time I have found the market segment priced at $300k and below to really be picking up steam (e.g. a 367% increase in number of active buyers — Q1-2009 vs. Q4-2008). These positive signs are certainly welcome and I would encourage those who have been sitting on the sidelines to get in the game by consulting a real estate professional today about their specific real estate objectives.