The long-awaited figures for the Florida property market in Q2 2020 show a mixed bag. On the one hand, median prices rose as did pending sales, but on the other, supply plummeted. The lack of available single-family homes leads experts to augur strong bidding wars over the next few months.
Florida real estate registered rises in both pending sales and house prices in May, indicating strong pent-up demand with the market. Property prices saw their 101st consecutive month of increases and supply levels dropped to a new low for single-family homes.
Even during stay-at-home recommendations, the US real estate market has continued to show signs of strength. Despite fewer listings and a slowdown in the time taken to sell property, house prices keep rising. Median prices for May registered the highest ever.
The busiest period in the US property market is generally the spring, but the summer looks set to be the more active this year. Buyer appetite is strong and would-be homeowners are taking full advantage of the country’s low mortgage rates. Analysts believe that many buyers see the current situation as an opportunity rather than a challenge.
Traditionally, the spring season is the busiest for property in Florida, but would this year's stay-at-home recommendations in April change things? Two studies for early spring show they haven't and online searches for homes have soared. Among the most sought-after areas in the US were several Florida metros with enquiries for Jacksonville the third highest in the country.
When it comes to the US rental property, Florida metros regularly feature as the best. Homes in the Sunshine State offer investors cash flow and equity growth and bring together the ideal investment criteria. In 2020, three Florida cities took the top three positions in the US.
Like many countries in the world, the US finds itself in a coronavirus lockdown. The effects of this situation are widespread and have reached all corners of the economy including property. However, despite the media hype and uncertainty, many of the effects on the US coronavirus real estate market appear to be positive. This is particularly true for investors looking at buying now.
To ensure profitable real estate investment you need certain factors such as high population growth, a buoyant economy and strong tourism sector. Florida generally offers all three, but some areas offer far better potential than others. Southwest Florida is one of them and in this news article, we look at six compelling reasons to buy property in an area with plenty to offer investors, residents and tourists alike.
Single-family homes are one of the best property investment options in the US, particularly for buy-to-let yields. Returns have dropped very slightly across the US in 2020 compared to 2019, but several areas continue to post figures well ahead of the national average. Baltimore and Atlanta metros are currently offering the highest while Florida counties provide returns in the region of 8 to 12%.
Property in the Sunshine State notched up another rise in February, the 98th monthly increase in a row. It was a particularly busy month for the Florida real estate market with both condos and single-family homes posting impressive sales figures and price rises. March too looked busy as new pending sales for all types of property registered double-digit increases.
