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Insight into Florida's Real Estate Market

Florida's real estate market seems to be "all over the place", what I'm saying is, that all locations are performing differently, yes that's always the case but at present it's more obvious than ever. According to statistics as of last week, there were around 224000 residential properties for sale, these a collection of single family homes, townhomes, multi family, apartments, condos, and so forth. Out of those over 52000 sellers had a price reduction. Florida was a red hot destination during the pandemic, but now its one of the fastest "cooling" housing markets in the country.


Places like Tampa and Cape Coral has seen inventory surge by a whopping 60% over the past year. Prices are still high and homes are taking much longer to sell.

The cost of living across the states has seen prices rocketing everywhere on everything, existing residents seem to be "Staying Put" whereas a lot of sales are Americans moving from other states, High cost of living and restrictive practices in certain states is encouraging people to flock to Florida, especially from places like New York, this migration has had a huge effect on Florida prices, those relocating and working remotely and bringing their much higher salaries with them, has created issues for existing Florida residents, whose salaries are way lower and unlikely to change anytime soon. 

Looking at the investor market, where people typically buy a second or third home to rent out through AIR BNB, what is obvious, especially in the Central Florida Disney area, is that buyers are going mainly for new builds. Incentives and the fact that many new builds are in purpose resorts with lots of facilities. So buyers will throw $700K at a new build and there's a large inventory of much more reasonably priced resales that are just sitting on the market for ages. The main reason is a shift from having a vacation home in a short term zoned sub division to a resort. Short term rental homes in subdivisions mixed with residential properties has always been a volatile situation for so many reasons, one is noise , two is trash not being dealt with effectively and the list goes on.

Personally I see most old type short term rental operations disappearing and becoming completely residential, (this has already been happening for at least 10 years now)  with many past predominant vacation sub divisions becoming the opposite.

To sum up, the high end markets seem to be little affected by the current "cooling" situation, different story with the low and mid priced markets


Phil Dinnis


June 24, 2024

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