As a real estate closing team based in Destin, Florida, Hall & Runnels works closely with all stakeholders in a real estate transaction. We work to help homebuyers and their agents enjoy smooth, stress-free closings. As an attorney-owned and operated firm, we help developers navigate environmental and land use issues and community association issues.
As such, we keep our finger on the pulse of Florida real estate and keep an eye out for trends that will affect our business.
A Glance at the Florida Economy
At a glance, Florida’s economy is doing great. Job growth increased 2.4% year-over-year in February 2019 compared to the national average of 1.7%. Leading the pack in terms of jobs added is the construction industry at 4.2% growth year over year.
Thanks in part to a strong demand for residential development, the value of all land in Florida rose 6.3% from 2017 to 2018 to $2.8 trillion, according to data from local property appraisers.
Which brings us to the Florida Realtors® 2019 Florida Real Estate Trends Report, a comprehensive update on the health of the Florida real estate industry. Below are key takeaways from that report.
Median Sale Price
The median sales price for single family homes increased 7.2% from 2017 to $254,505.
The median sales price for condos and townhouses increased 7.2% from 2017 to $185,000.
New Listings and Closed Sales of Existing Homes
New listings of single family homes was up 6.5% from 2017 to 365,273 listings.
New listings of condos and townhouses was up 5.9% from 2017 to 165,261 listings.
Closed sales of single family homes rose 2.2% from 2017 to 277,827.
Closed sales of condos and townhouses rose 4.9% from 2017 to 116,706.
An Update on Inventory and Supply
As you’ll see in the report’s excellent maps of Active Inventory by County on page (pgs 34-36), inventory has been tightening over the previous two years.
New housing supply remains hampered in 2019 by:
Construction Worker Shortage
Rising Material Costs
Land Increasingly Scarce
Land Use Regulations & NIMBYism
Updates on Important Florida Environment and Infrastructure Projects
Staying ahead of the curve in real estate means understanding all the factors that can impact prices. As you’ll see in this infographic, there is a direct correlation between water quality and real estate values.
The Florida Real Estate Trends report provides detailed updates on the below infrastructure and environmental projects:
Florida Red Tide: An Overview of the 2017-2019 Bloom
Kissimmee Restoration Project
Lake Okeechobee Watershed Restoration
Herbert Hoover Dike Rehabilitation Project
The Comprehensive Everglades Restoration Plan
Northern Everglades and Estuaries Protection Plan
Water Quality Restoration in Florida report
Trust Your Transaction with Hall & Runnels
Hall & Runnels has a quarter-century of experience resolving challenging residential and commercial closing issues.
As an attorney owned and operated real estate closing team that specializes in new development, environmental and land use issues, community association issues, and alternative dispute resolution, you can trust us to keep your transaction moving forward.
Contact us today to learn more!
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