Builders are ‘a bit desperate’ to move Florida inventory, says housing market analyst

Builders are ‘a bit desperate’ to move Florida inventory, says housing market analyst

During the pandemic housing boom, Florida’s housing market was among the hottest in the nation. However, the market has since cooled, with active inventory now back above pre-pandemic levels and falling home prices in areas like Southwest Florida’s Punta Gorda and Cape Coral. Additionally, condo prices are down year over year in nearly every Florida market. [Source: Fast Company]

Florida house prices could plunge in some 'high risk' areas next year

Home prices could drop by as much as 15 percent next year in three Florida metropolitan areas considered at "very high risk" of experiencing a downturn, according to a recent report by real estate investment firm Norada. Gainesville, Palm Bay-Melbourne-Titusville (what's known as the Space Coast), and Lakeland-Winter Haven could experience temporary declines of 10 percent to 15 percent throughout 2025, the firm predicts. [Source: Newsweek]

Florida condos have a looming deadline for repairs. Here’s what to know about the law

The deadline is coming for condos to file their spending plans for repairs. Florida is requiring all condo associations three stories and higher to file an inspection report that details expected costs to renovate or maintain the buildings. Here’s what to know about the timeline: The so-called structural integrity reserve study is due by Dec. 31, and then again every 10 years. [Source: Miami Herald]

See also:
» Florida condo owners look at higher costs as new regulations take effect in the new year

Central Florida’s 2024 housing market recap, 2025 predictions

This year, people looking to buy a home in Central Florida saw some ups and downs in the housing market, leaving questions about what to expect for 2025. The Orlando Regional Realtor Association, this month, published its last report of the year for November 2024, providing a snapshot of this year’s numbers. [Source: Central Florida Public Media]

By the numbers: Florida's November housing prices

The industry group Florida Realtors last week released a report that showed the statewide median sales price for single-family existing homes in November was $410,700. Here are the top median prices in the state’s metropolitan statistical areas: Naples-Immokalee-Marco Island: $770,000 Miami-Fort Lauderdale-West Palm Beach: $625,000 North Port-Sarasota-Bradenton: $449,945 [Source: Tampa Bay Business Journal]

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› AI real estate fintech launches plan to stay on the Nasdaq [South Florida Business Journal]
In an effort to boost its per share price, Boca Raton-based financial technology company Janover will consolidate all eight of its common stock shares into one. The 1-for-8 reverse stock split will take place on December 30, pending confirmation by Nasdaq and New York-based securities depositories giant Depository Trust Company, according to a notice from Janover.

› Is the ‘pandemic-driven surge’ in Manatee’s housing market over? See the latest report [Bradenton Herald]
The local housing market is slowing down, with less sales, declining median prices and longer time to sell, according to the latest Realtor Association of Sarasota and Manatee report. High mortgage rates, inflation and less affordable homes are a few causes for cautious buyers, according to the report.

› Jacksonville's commercial real estate market eyes stability in 2025 as sectors adjust to new realities [Jacksonville Business Journal]
As 2025 approaches, Northeast Florida's commercial real estate market is poised for stabilization and strategic repositioning across key sectors. While the multifamily sector is on the cusp of returning to balance after a period of overbuilding and rent fluctuations, the office market is expected to see the tail end of its post-pandemic adjustments, with smaller tenants beginning to backfill vacancies.

› Tampa Bay’s top real estate deals of 2024 generated over $1 billion [Tampa Bay Times]
The 20 highest grossing sales in the Tampa Bay region brought in over $1.75 billion this year. That’s a modest decrease from 2023, but a significant cool down compared to 2022, when low interest rates fueled a buying frenzy. This year multifamily properties dominated the list.