Florida’s real estate market is one of the most random markets in the entire country, in the sense that it is very unpredictable. Thus, most investors, homeowners, as well as buyers, keep a close eye on the fluctuations of the market almost all the time. In this article, we focus on some of the recent trends witnessed in the real estate market in the state of Florida. While not everything is positive, there are many aspects which promise brighter days ahead.
House prices rising steadily
Even though the real estate scene in Florida cannot be considered exactly as healthy, yet, during the second quarter, compared to a year before, a rise of 7.6 percent in the median sales price of single-family homes was witnessed in the metropolitan. Florida Realtors reported that in the month of July, in the tri-county region, the number of single-family homes sold was 4,260, which is 6.1 percent higher compared to the number witnessed during the same time the previous year. During July, a 3.6 percent increase in median sales price of single-family homes, along with a 5 percent increase in the number of single-family homes sold, was evident. However, note that in most areas in Florida, the number of condos and town houses sold decreased, whereas the average selling price of the same increased, compared to the last year.
Foreclosure is a problem
In the month of July, one out of every 469 houses in Florida had to face foreclosure. That is more than twice the rate of foreclosure witnessed nationally. The national foreclosure average happens to be one out of every 1,203 houses. Note that even with such kind of alarming foreclosure rate, Florida’s foreclosure percentage actually decreased by almost 30 percent, compared to the month of July in 2013.
The mortgage scene is not so appealing
Most families are not able to secure mortgage due to strict requirements posed by many financial institutions. That is one of the biggest factors leading to lesser number of sales of townhouses and condos around the state, compared to the number of sales of single-family houses.
How Florida compares to the nation
As already stated, Florida faces an extremely high number of foreclosures. In fact, Florida has the highest rate of foreclosure in the whole nation consecutively for the 10th month. While the national median sale price increased only about 4.4 percent compared to the previous year, Florida’s growth in this aspect was remarkably higher.