Residential real estate market in Florida to boom during winter

Residential real estate market in Florida to boom during winter

In Florida, housing continues to be a gold mine for sellers and investors. Sales of existing homes in the Southwest Florida area continued to go up last month, with area residential real estate prices rebounding from the flat September prices. This signals yet another solid winter for the area's real estate market.

Statistics show that real estate agents sold more than 2,100 houses and condos in Charlotte, Manatee and Sarasota counties back in October. This was a boost of more than 6 percent from the month of September. It was also an increase of more than 16 percent from the exact same period in 2013.

The price of single-family homes in the market of Bradenton, Sarasota and North Port also increased by about 4 percent in a year's time, going up to over $207,000. Meanwhile, the prices of condos increased by nearly 5 percent, reaching a median of more than $160,000. It appears that many people from the Midwest are considering buying homes in Florida to get out of the cold temperatures there.

Most sales have involved baby boomers who are retiring; however, many local families are also beginning to purchase new homes. The winter time remains a promising time to buy and sell as the market becomes less seasonal, instead drawing more buyers year-round. In fact, prices are expected to remain strong in the upcoming spring season as a result. An applied knowledge of laws related to residential real estate can help people to see their deals through so that they can end up with the dream buy or sell they desire in Florida.

Source: heraldtribune.com, "Home sales in Southwest Florida continue upward climb", Josh Salman, Nov. 20, 2014