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Today, in our ongoing series about local real estate markets, we’ll take a look at home sales and trends in the Florida real estate market.
In Orlando, home prices jumped 22% in March over last year. The Orlando Sentinel reports:
The Orlando area’s 2-year-old climb up from the depths of the nationwide housing slump has been accelerating lately, with the median home price in the core market rising 22 percent in the past year alone, a new report shows.
The Miami Herald reports that Southern Florida home prices jumped as well:
The median price of a single-family home in Miami-Dade County soared 25.1 percent to $225,000 in March from $179,850 a year earlier, the Miami Association of Realtors said. The median price of a Miami-Dade condo jumped 19.3 percent year over year to $167,000 from $140,000. Miami-Dade, which was among the hardest hit spots in the nation during the housing meltdown, has posted 16 consecutive months of price gains in both single-family homes and condominiums.
The World Property Channel reports that Miami home prices, in particular, were up 25% in Marco over 2012:
The median sales price for a single-family home in Miami was up 25.1 percent in March from a year earlier, the largest year-over-year price increase since 2005, according to data released today by the Miami Association of Realtors. Prices for condominiums, which have rallied steadily for 21 consecutive months, were 19.3 percent higher in March than a year ago.
The Sun-Sentinel reports that Palm Beach home prises rose 28% in March over last year’s levels:
Palm Beach County’s median price for existing homes in March was $249,894, a 28 percent increase from a year earlier, the Realtors Association of the Palm Beaches said Monday. It was the fourth consecutive month that the county’s median has risen by more than 20 percent.
While UPI says that investors are pushing up prices:
Investment firms are scooping up homes in distressed real estate markets, like Florida, blocking out individual bidders, experts say. “There is the possibility that Wall Street and the banks and the affluent 1 percent stand to gain the most from this. Meanwhile, lower-income Americans will lose their opportunity for the American dream of building wealth through owning a home,” said Jack McCable a real estate consultant in Deerfield Beach, Fla.
Meanwhile, up in NorthEastern Florida, home sales were up 37% over 2012, reaching 2006 levels. Jacksonville.com reports:
Bucking the national trend, the number of contracts signed in February to purchase homes on the First Coast topped 2,000 for the first time since June 2006. Numbers tracked by the Northeast Florida Association of Realtors showed pending sales in the region jumped to 2,055, up by 37 percent from a year ago. The two-month total for 2013 topped 2012 by 40 percent. There were 1,929 pending sales in January.
PNJ.com reports that Pensacola new home sales are also way up:
Escambia County builders sold more than $26 million of new homes during the first three months of 2013, compared to $20 million for the same period last year, according to Metro Market Trends. The Pensacola-based research firm also reported that Santa Rosa County builders have seen a 21 percent increase in new home sales during the first quarter of 2013.
Down on the Gulf Coast, Naples home sales were up 11%, as the Business Observer reports:
The median price of a Naples-area single-family home in March rose 11% to $287,000 compared with March 2012. The median price of a condo rose 38% to $228,000 in that same period, according to the Naples Area Board of Realtors.
And in Tampa/St. Petersburg, the area had its best month since 2006, too, as BizJournals.com reports:
MLS reports more than 3,100 homes were sold in Hillsborough, Pinellas, Pasco and some sections of Hernando counties last month. This marks a 7 percent increase compared to the same month in 2012 and is the most homes sold in a month since May 2006, the Tampa Bay Times said. “We broke every record we’d ever set” last month, said Andrew Duncan, a real estate broker with Duncan Duo & Associates. “It’s literally like the market has been dropped on its face. Everything has changed.”
And the Tampa Bay Times reports that the overall Florida real estate market looks strong:
Florida homes sold quicker, more often and for higher prices last month than in March 2012, as tight supplies and investor zeal helped the market to revive, state Realtors data show. Florida’s median home prices last month bested the year before for the 15th month in a row, climbing 15 percent to $160,000, data show. Sales climbed 9 percent over March 2012, with nearly half of the 20,000 closings paid in cash.
At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.