Property ManagementHot Market: 3Q in Florida Shows Strengthening Market
Home buyers and investors are making their way south again to the Sunshine State. The third quarter sales statistics demonstrate sales increases across the board with a 5 percent increase in sales for the quarter compared to the same quarter a year ago.
The Florida Association of Realtors reports sales have rose to more than 33,000 across the state for the quarter. Despite lending restrictions and the difficulties of finding affordable credit, we"re seeing buyers take advantage of homeownership opportunities in the current market -- buyers who want to make a long-term investment in their future. (2008 FAR President Chuck Bonfiglio; MarketWatch)
The University of Florida"s Bergstrom Center for Real Estate Studies concurs with the latest increase in sales. People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest," says Dr. Wayne Archer, director of UF"s Bergstrom Center for Real Estate Studies, on MarketWatch.com. We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.
The hotspots for real estate sales include Ft. Myers (+73%); followed by Ft. Pierce and Ft. Lauderdale, up 23% and 20% respectively. The city with the strongest pricing was Panama City with a drop of only 5% to an average of $192,300 and Jacksonville dropping only 7% over the 3rd quarter 2007 to $180,400.