Garrett Kenny | The Canadian |
“I am very pleased to be reporting on the striving property market this month. I have witnessed it first hand as the CEO of Century 21 Team Feltrim. Florida’s property market is rapidly recovering from the property bust years prior and was one of the hardest hit states during the housing crisis. Florida is now experiencing one of the strongest comebacks in the states.
Demand remains strong in the Sunshine State and has helped push median single family home sale prices up about 12 per cent just in the last year, to $168,000. Condo prices have also climbed 8.4 per cent to a median price of $136,000.
The demand for homes in Florida is dramatically increasing which in turn is driving the prices of properties upwards. There are still plenty of bargains to be had in the market – as of April 2013, there were just fewer than 25,000 foreclosure listings in the state. The Orlando area has seen an increase of 6.6% for single family homes and median price as of the end of 2012 was $137,000.
The amount of time it now takes homes to close is quite remarkable and is closing at a faster pace that I have seen previously. Month after month we have seen the state median sales prices increase for both single-family homes and for townhome condo properties. Median sales prices for a property in Florida based on a single-family existing home was €171,000 which was a 15.9% increase from the year prior.”