What is the latest in the housing market in Florida? This industry has long been essential to the Sunshine State. In this video, Dr. Brad O’Connor, Chief Economist at Florida Realtors® presents statistics and insight into what the figures mean. And for those entrepreneurs looking for advice in the region, LaunchPad Holdings LLC co-founder Glen R. Wakeman has been engaged in "hundreds of capital market transactions, raised hundreds of millions of dollars of new equity and lead large organizations in Fortune 10 companies." Based in Florida, LaunchPad seeks to offer its clients "an energetic ecosystem of advisors, thought leaders, accelerators and capital providers."
There have been some good reports in the Florida housing industry recently, resulting in a reduction in all cash closed sales and a boost in median prices. Data from Florida Realtors has shown that the market is steady and that the supply of homes for sale is stable. The numbers speak for themselves: condominium sales increased 10.9 percent and home sales price 13.7 percent. According to Florida Realtors president, broker and co-owner of Veissi & Associates, Matey Veissi, this is a great opportunity for sellers who will end up with close to 94 percent of their asking price. Even though mortgage rates are slightly on the rise, they “remain historically low,” which results in added buying power for consumers.
And then there are the Florida flippers. According to a new report from Trulia, there has been quite a significant increase in homes being flipped throughout the state. In 2015, 6 percent of homes sold were flips. This is an increase from a few years ago, as for example, in 2014, 4.9 percent of homes were flipped in Palm Beach County and the following year this had increased to 6.3 percent.
And then at the end of last month, Stock Signature Homes hosted Open Houses throughout its Southwest Florida regions. This gave potential homeowners the opportunity to check out stunning furnished models as well as move-in ready homes. For those who are coming from a different state, this open house day let them become familiar with amenities in the area as well.
Overall though, things are looking up for Florida real estate. As Chief Economist at Florida Realtors, Dr. Brad O’Connor concluded, "2015 was a very strong year in terms of sales growth in Florida's single-family home markets, thanks to a sales surge that began in the fourth quarter of 2014 and lasted through the third quarter of 2015. In each of the first three quarters of 2015, we observed double-digit percentage increases in sales on a year-over-year basis. Year-over-year growth in 2015's final quarter was more subdued, signaling a possible return in 2016 to more stable rates of sales growth.”