Florida Real Estate Market Continues Positive Trends in 2Q 2013
The Florida market overall and the South Florida real estate market in particular continues its gradual steady improvement and return to stability. Overall Florida’s housing market gained strength in the second quarter of 2013 with more closed sales, rising prices, more pending sales and a shrinking supply of homes for sale compared to the same quarter 2012, according to data released by Florida Realtors.
- Statewide closed sales of existing single-family homes totaled 63,173 in 2Q 2013, up 14.7 percent compared to the year-ago figure.
- Pending sales — contracts that are signed into but not yet closed — for existing single-family homes rose 28.5 percent in the second quarter compared to the 2Q 2012 figure.
- In 2Q 2103 the median days on market was 51-days for single-family homes.
(Source: Florida Realtors Industry Data and Analysis Department in association with local Realtor boards/associations.)
These are all broad numbers used to gauge the health of the real estate market across the entire state, and that’s encouraging. But for the type of real estate investment Restore 818 Inc. focuses on in South Florida, these numbers have another impact. They provide increasing support for our designer-quality restorations that sell at the high end of the price range and low end of the days on market. For example, Restore 818 restorations normally sell at the top of the price range in any of our demographically targeted submarkets and under 7-10 days on market.
US and foreign buyers continue to invest in South Florida real estate more than any other area of the state putting pressure on supply for quality properties. With these trends indicating a strengthening market, Restore 818 Inc. is uniquely positioned to capitalize on the changing market to deliver increasing return on investment for both restorations and cash flow properties in South Florida. Check out the 2013 South Florida Real Estate Investment Report and to see why we’re so excited about the extrordinary investment returns possible in South Florida.