New Construction Permits UP:
Homebuyers ramped up their activity in South Florida this summer as both sales volume and prices grew in June, according to the Florida Realtors. There were 5,017 sales of existing single-family homes in the tri-county region, up 15.6 percent from June 2014. The median sales price climbed 7.3 percent to $295,000. The statewide numbers for single-family homes were even better. June saw 27,729 closings, a 19.6 percent increase, and a 10 percent gain in the median sales price to $203,5000. Sales of existing condos/town homes declined in South Florida in May, but they got back on track in June. There were 4,436 closings, a 9.6 percent increase over the prior year.
The median sales price grew 5.5 percent to $158,000. That could provide hope that the strengthening of the U.S. dollar against foreign currencies hasn’t chased too many foreign buyers from the condo market. Florida’s statewide totals for condo/townhome sales showed faster growth than in South Florida. There were 10,991 sales statewide, a 14.6 percent increase, and the median sales price grew 7.9 percent to $152,076.
The growth report on Florida Condo sales from South Florida Business Journal is no surprise to any of the agents in “the trenches” of Florida new and re-sale homes. The influx of Baby Boomers from the north that are starting to see their own homes up north recapture their values, are dusting off their retirement dream and coming to find their future retirement homes in Florida.
At Market America Realty we get about three calls a day from retirees for Florida condo second home buyers looking to capture their piece of paradise. Prices are heading up on Florida condos as supply dwindles. But the national developers like DR Horton, GL Homes and Lennar have been playing catch up. GL Homes is now working on an 8 month lead time for new homes at Marina Bay in Fort Myers, DR Horton has a four month “anticipation” time at Lindsford as well as in Fort Myers, and WCI’s Hampton Park in Gateway near Fort Myers has just yesterday announced a new section for Estate Homes, but delivery will be 5 months.
What are YOU seeing when you are out and about? Higher Prices? Good Inventory?
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