Florida’s Real Estate Market Continues to Improve as Inventory Tightens
Is it better to be a seller or a buyer in Florida’s single family home market today? Well, when real estate markets first change from good to bad or vice verse, most of the public and even many in the business are slow to realize things have really changed. Also, the longer that a market is down or up, the longer it will take for people to realize things have changed after they do.
Florida housing started to slow in 2005 but it wasn’t until the headlines in 2008 that most people bought into it. After five years of headlines proclaiming what a disaster Florida real estate was, the steep price declines and claiming the title of foreclosure capital of the U.S., it’s understandable that it may take a lot of headlines announcing that it’s over before people accept it as truth.
For single family homes in the state of Florida from January 2012- 2013 here are some of the increase in numbers:
- The number of closed sales is up almost 12%
- Cash sales are up over 15%
- The Median sales price is up by more than 12%
Here are decreases in numbers that show why prices will continue to go up:
- Number of days on the market for properties that sold, down 15% to just 61 days to sold.
- Number of homes on the market for sale, down over 26%
- Number of months of home supply dropped 32% to less than a 6 month supply.
So, it is better to be a seller than buyer in Florida right now?
It’s actually a good time to be either, but with each passing month of positive real estate headlines, the seller’s hand will improve and buyers will pay more money for the same house. It’s still a good time to buy because prices can still be considered low. That will not be true in the not too distant future. A lack of quality inventory in some price ranges in some areas may mean buyers would be better off building if they can. Some of the builders who survived the housing disaster were able to acquire land dirt cheap (pardon the pun) and can now offer a brand new home at a very competitive price.
Almost all real estate agents and most buyers who are actually in the market and looking at homes right now, know what’s going on. When EVERYONE is convinced that it’s a good time to buy, that’s when the bargains are long gone and you start crossing in to the territory of paying too much.
Florida has 3 of the top 5 beaches in the U.S. according to Tripadvisor
I have a lot of respect for the rankings on Tripadvisor.com because they there are so many real reviews from actual travelers, the site is huge and covers just about any place on earth. Sure, there is the occasional property owner who writes a 100% positive review on his own place, but after you read all the other real reviews, the fakes are easy to spot. Anyway here’s Florida’s top 3 (sorry in advance east coast Florida):
- Voted #2 in the U.S. Siesta Key Public Beach, Sarasota, FL. This beach was also voted as the best beach in the world recently by the famous “Dr Beach” and is one of my personal favorites. I’ve fallen off a bar stool in every one of the watering holes in Siesta Key Village over the years. I once saw Oprah at a place called the Daiquiri Deck, but I was seeing double at the time so maybe it wasn’t her?
- Voted #3, Gulf Islands National Seashore, Pensacola, FL.
- Fort De Soto Park, Tierra Verde (St. Petersburg area), FL
Florida Governor Now Agrees to Medicaid Expansion
Florida’s Republican Governor Rick Scott who’s dislike for The Affordable Health Care Act is no secret, reversed his position and now Florida will expand Medicaid under one of the Act’s provisions. The plan will mainly cover people who work but don’t make enough to afford health insurance (minimum wage is less than $8 an hour) but because they work and earn an income they wouldn’t qualify for regular medicaid.
Florida Says No Big Changes to Stand Your Ground Law Necessary
After the storm brought on by the Travon Martin case, Governor Scott commissioned a group to study the law and issue it’s findings. The report is done and the group says the main points of the law are sound and no changes are called for.