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Real estate investors always keep an eye on Florida real estate markets. Not only does the state serve as a national indicator of market trends, but Florida also represents a major real estate market in itself. Despite ups and downs, Florida has remained an appealing market for investors. Investors must stay on top of changing market trends and know what the hot Florida markets are as well as the ones that aren’t.
Listeners may recognize Daren Blomquist from his previous appearance on the show. Daren is senior Vice President of RealtyTrac, a nationwide real estate data analysis firm, providing real estate professionals in-depth and up-to-date information and research on a variety of markets. This episode Daren discusses the changing face of Florida real estate as he covers some hot Florida markets emerging as well as ones that are winding down.
- Florida market in strong recovery, but not at previous peak
- 52 consecutive months of year-over-year increases in home appreciation
- 12% in appreciation since April
- Successful transition from cash-buyers to FHA financing
- 26% increase in FHA financing
- 11% decrease in cash purchases
- Foreclosures still lead, but in decline
- 11 month decrease in foreclosures
- 10% increase in flips statewide
- Deltona, Daytona Beach, Ormond – 49% y-o-y
- Tampa – 11%
- Jacksonville – hot flipping market and highest gross returns on flips
- Home appreciations on the rise
- Cape Coral and Punta Gorda lead state, though seeing decrease in flips
- Affordability remains market concern
- Home appreciations are outpacing wage growth
- Affordability index of 100 or above is normal; below 100 is less affordable
- Cape Coral – 100
- Punta Gorda – 100
- Naples – 102
- Institutional buyers in decline, but still active
- Jacksonville
- Pensacola
- Tampa
- Ocala
- Lakeland
Investors and listeners can find out more about current, local affordability index data by visiting www.realtytrac.com/news
For those who want to learn more about the hot Florida markets and the premium service packages offered by RealtyTrac, visit their website and subscribe! Listeners to the Invest Florida Show are eligible for a discount on subscription. To find out more about this offer, contact marketing@realtytrac.com or call 888-408-4396.