Florida is one of the most popular vacation destinations not only in the U.S., but in the entire world. The Sunshine State isn’t just a great place to visit with the family for a week or two, though; it’s an excellent place to live.
According to Miami Agent Magazine, Florida Realtors have announced that real estate sales across Florida have been on the rise as of late.
The fact that people are moving to Florida shouldn’t come as a surprise. After all, the warm weather is a main attraction, and three-quarters of Americans value spending time outside in their yards.
People aren’t just buying Florida houses; they are shelling out the cash for condominiums. Home prices continued to grow at an annual rate of 6.3% in July, causing single-family home sales to actually decline (less than 1%) from a year ago. But statewide condo sales were up 8.2% despite condo prices increasing as well (6.6%).
“In a positive sign for Florida’s housing market and potential buyers, we saw a modest increase in new listings in July,” said Christine Hansen, President of Florida Realtors.
For existing Florida condos, public inspections are required at least once every 40 years in order to pass hurricane safety and general building codes.
According to the National Association of Realtors, the national median sales price for existing condos was $258,100. Last month, statewide condo sales closed at 10,032 and Florida condo foreclosures fell roughly 26.5% year-to-year.
“Half of Florida’s 4.3 million millennials are now in their thirties, and while their employment opportunities have improved drastically in recent years, the state’s housing shortage is locking them out of their best opportunity to build lasting wealth during their prime working years,” added Dr. Brad O’Connor, Florida Realtors Chief Economist. “In the short run, their best bet may be to consider ownership of a multifamily unit like a condo or townhouse, where inventory levels are not nearly as tight in most areas around the state. Statewide, there’s currently a 5.3-months’ supply in the condo-townhouse category, indicating a much more balanced market than what we have with single-family homes.”
Though Florida is seemingly doing well, the state stands in contrast to national property sales figures. As of July 2018, existing real estate sales posted their fifth year-over-year decrease in a row.