Florida has experienced an encouraging rebound in recent years following a slow recovery from the year 2008 recession. Home prices are on the rise, unemployment rates are on the decline, and in the year 2017, the state was one of the fastest-growing in the US. Some Florida real estate market were named as hot housing markets to watch in the year 2018. Some of the top real estate markets to sell property in Florida are such as –
Fort Lauderdale
According to the recent survey Fort Lauderdale is ranked in the sixth position in the year 2018 by PWC Consulting Firm. As of December 2017, the unemployment rate is roughly 3.4% below the national average of 4.1%. Jobs gains in sectors of healthcare, professional services, construction, and education have led the city forward, creating both an increase in renters and buyers. As a result of this, the city has seen condo prices skyrocket in recent years. This city has receive 96.3% of its original listing price in December 2017, which is a great indicator for a healthy market.
Cape Coral
Cape Coral is located southwest of Fort Myers. This city has grown from a small planned community into a well-developed city with a population of more than 200,000. This place is a popular place for some time in Florida real estate market, with prices steadily rising over the last few decades. New listings are up as well, rising from 618 in May 2020 to 757 in May 2021, for an increase of 46.1% in 12 months. With the supply of low and demand high, home prices have risen strongly in Cape Coral. The median sale price in May 2020 was $240,000, before ascending by 37.5% to reach $330,000 by May 2021.
Fort Myers
Between the years 2015 and 2016, 22,051 people have moved to the Cape Coral and Fort Myers area. That is roughly 1,800 people per month who are seeking rental properties or new homes. The beaches, activities and general lifestyle of people are drawing more and more people to this place. Fort Myers has been an attraction that brings fans to Florida and benefits arouse the economy. The median listing price has increased by 17% in the last few years, which is a good sign for sellers.
Port St. Lucie
Port St. Lucie got rocked by the housing crash back in the year 2007-2008, as did much of the Florida real estate market. But in the year 2012, the market of Port St. Lucie has been recovered, with the home prices rising fairly. Over the last year, the Port St. Lucie housing market has experienced a flurry of activity, causing prices to increase rapidly. The number of new listings of real estate property has increased by one-third from May 2020 to May 2021.
Over the same period, the number of pending sales for the real estate property nearly doubled. During this period, the real estate property has gained from 295 pending sales last May 2020, to 564 in May 2021. Meanwhile, Port St. Lucie’s available inventory has decreased by all this activity, falling almost 52%. From 1,691 real estate homes for sale of the real estate property in May 2020, down to 813 for sale in May 2021. This has abetted drive the average sale price of real estate property up by 22.4% since last year, from figure $241,000 in May 2020 to figure $295,000 in May 2021.
Palm Beach
Palm Beach is always a competing real estate market, but sellers emerge to be coming out on top lately. According to the recent report of Palm Beach. The average price of a single-family house sold in Dec 2017 was $341,500, nearly up by 8% from a year ago. According to the recent report of Palm Beach, it is seen that the sales of houses priced at less than $250,000 plunged by double digits from December 2016 to December 2017. Whereas a market that aids sellers customarily has less than six months of supply. Palm Beach County has a 4.8 month supply of houses for sale.
Wrap Up
Want to sell a rental property in Florida? Schedule a phone call to learn more about the listing of the property for sale on Real Estate Diary. Florida real estate market as a whole was a tough place for real estate investors a decade ago. But sellers are starting to realize serious gains, as there are still plenty of good buying opportunities as well.
