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.

Here at C21 we are busier than ever and have taken on more realtors on board to deal with the surge in demand for our services.  We have also seen an increase in the presence of investors from overseas showing a strong interest in the Florida property market. I believe that there is no better time to buy a property whether it is a first home or a holiday home in the Sunshine State, conditions are just perfect.

During my most recent trip to the first ever OPP Tour of China which covered four cities in the space of ten days, I met with over 200 Chinese agents and investors, an experience that opened my eyes to just how big an appetite for US real estate Chinese buyers have right now.

Foreign investors see Florida as the ideal location to invest their money and to someday retire in the property. The Chinese and Canadians are leading the way in terms of investing in homes in Florida. Canadians are drawn to Florida for the sun, sand, and they have accounted for a 12 % increase in Florida Real Estate over the past two years, as reported in a recent BMO report.

The number of visitors to Florida has greatly increased and the state had over 57 million visitors flock to the Sunshine State last year alone. Florida has become a popular attraction due to the beautiful weather and most importantly Florida is home to some of the biggest and best star Theme Parks and Waterways in the world. Florida has something for everyone from Theme parks to its vibrant nightlife and amazing atmosphere

Florida and Orlando have dragged the state to recovery with its tourism, which brought an estimated $3.7 billion in taxable sales to the state.

I have witnessed the strong demand for oversees property first had.  I believe that there is a massive opportunity here for foreign buyers as interest rates are at an all-time low and we are experiencing a steady growth making buying a property in Florida a perfect investment. 

The states home prices could get even hotter after the Florida’s Governor signed a much discussed foreclosure bill which will enact a series of provisions aimed at speeding up the default process.

The sales inventory in local markets remains at an all-time low, with less than three months’ supply, and new builds are coming back very strong. Our company has already contracted on new homes worth more than US$3million mid-way through June, which shows the strength of the Florida market.

The housing market in Florida overall is "strong and sustainable," If you would like to contact me in relation to anything discussed please feel free.

C21 are very pleased about the release of their new promotional videos for Century 21 Team Feltrim and we hope you like them too. Here’s a seen peak of one.

About the writer:

Garrett Kenny is the CEO of C21 Team Feltrim.