Sunday, September 18, 2011

Is Florida Leading The Way Back?

Go here to read an incredible story about a significant change in the real estate market in Florida

"August median prices in Fort Myers are up 33 percent from 2010. Miami is up 24 percent, Punta Gorda 20 percent, Sarasota-Bradenton 10 percent, Daytona 9.3 percent and Lakeland-Winter Haven 8.8 percent. Compare those increases to the national average increase for median list prices from all 146 metros tracked by .46 percent."

Wow, who saw that coming?

I am sure that we are all aware that Florida lead the decline with all the overbuilding of condo's and spec houses when the market was peaking in the mid 2005 - 2006 era, and that despite the lofty increases noted above, they are still selling for below pre-2005 pricing, but the direction is positive.

It is one more sign that buyers, or perhaps investors, are evaluating the market and snapping up value where it exists.  This trend, though not with the same percentage of increase, has come to Charlotte as well.  The media keeps reflecting on the ups and downs of the market and average price of Charlotte, but they look at the entire metro area.  My focus is on downtown.

Prices have stabilized to a large degree here.  There have been several instances of multiple bids on a property, forcing all respondents to submit a best and final offer to secure the property.  It is this type of activity that will allow prices to rise.

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