Not just condos: Florida’s housing market is softening
For-sale inventory in the state has reached the highest levels on record, and homes are staying on the market longer even as peak homebuying season kicks off. In many parts of the state, prices are starting to fall. The turning market comes as migration to the Sunshine State slows, and a combination of hurricane fears, rising insurance and tax bills, and a steady supply of new construction has given buyers more leverage. [Source: Yahoo Finance]
Florida lawmakers scrutinize insurers over hidden profits, rising rates
Florida lawmakers are questioning whether property-insurance companies have funneled money to affiliates and shareholders while claiming financial struggles. A 2022 report examined 53 insurers and found that, while insurers reported a net loss of $432 million from 2017 to 2019, affiliated firms saw net income of $1.8 billion. Lawmakers were not given the report when passing insurance reforms in 2022. More from WOFL and WPLG.
Florida remains top relocation destination despite migration slowdown
Florida has emerged as a top relocation destination for the 10th consecutive year, welcoming more than 100,000 new residents. The latest moving trends from the U.S. Census show the majority of Americans are relocating due to necessity rather than lifestyle. In 2023, Texas took the No. 1 spot from Florida as the nation’s top state for net migration, ending Florida’s 10-year reign. [Source: WFTV]
Florida shows uptick in large land tract transactions in 2024
While Florida’s land market may be in a state of transition, large-acreage and institutional land transactions are rising to the fore. Sanders Real Estate brokerage firm conducted its “Lay of the Land 2024 Florida Market Report” and found that more than 72,000 acres of agricultural land were sold and transitioned into residential, solar, and commercial development in 2024. The analysis found some concerning issues in the trend last year. [Source: Florida Politics]
South Florida workforce housing faces hurdles despite demand
South Florida employers bemoan the lack of housing workers can afford. But workforce housing developers grapple with significant hurdles to deliver these crucial projects. Despite the state’s Live Local Act, which aims to spur more workforce housing, building homes for those making close to or slightly above the area's median household income has proved challenging in recent years. High costs for land acquisition and construction, along with interest rates that refuse to drop significantly, have led more developers to choose luxury projects over workforce housing. [Source: South Florida Business Journal]
25 years
With a median home age of 25 years, 19 years younger than the national average, Cape Coral is attracting homebuyers who prioritize energy efficiency, low maintenance, and modern amenities. [Source: USA Today]
› Naples area residential inventory spikes, sales drop
The Naples area’s residential real estate market saw a 36% increase in inventory in 2024 compared to 2023, according to data from Naples Area Board of Realtors. There were 5,695 pieces of inventory and 15,459 new listings, a 16% increase. Overall closed sales totaled 7,966, a 10% decline, and overall pending sales totaled 10,090, an 8% decrease.
› Apartment complex, affordable housing in protected rural Florida draw opposition
A proposal for a 300-unit apartment complex on 12 acres of land in the ecologically-sensitive Wekiva Protection Area is confronting Seminole County with a difficult conflict between two worthy goals: protecting the environment and providing affordable housing. Development plans reviewed this week by county staff show the complex sitting on wooded land off the corner of State Road 46 and Orange Boulevard in northwest Seminole County.
› Palm Beach County farmland transforms into new neighborhoods as developers seek space
To provide homes for newcomers wishing to move here and locals trying to stay, developers are turning farms and ranches into neighborhoods in western Palm Beach County. Most of this building activity is occurring more than a half-hour west of West Palm Beach, between Florida’s Turnpike and the Everglades Agricultural Area.
› Tampa's wealthy turning to rentals at higher numbers
Tampa’s richest residents are becoming the city’s biggest renters, according to Redfin. The Seattle-based real estate technology firm has just released a report that found that out of the 50 most populated metropolitan markets in the country, 35 have seen wealthy renters taking up a bigger share of rental properties in recent years.