The Florida housing market is showing signs of improvement as inventory and housing sales have increased this summer, according to reports from Florida area realtor associations. The market in Miami continues to be affordable for consumers, and properties in Jacksonville are seeing slight but steady gains in sales. As more listings come on the market, investors considering buying Florida investment properties should team up with a trusted partner to determine how to achieve the best return on investment in the rental housing market.
The Miami Association of Realtors said housing prices in the Miami-Dade County grew almost 9 percent in the second quarter of 2014 from last year. As more home buyers come into the market, this could push home prices up even further. Demand for single-family homes in particular was high since single-family homes saw price increases for the 10th straight quarter, according to the association. Sales of single-family homes rose 4.9 percent to 3,650 in the second quarter.
One sign of healthy demand in the Florida housing market is a rising inventory. The number of single-family homes available in Miami has improved as new listings reached 8,635 in the second quarter, up 4 percent from the previous year. An expanding inventory yet affordable prices could be good for buyers hoping to enter the market and purchase their first starter home or invest in a rental property. The report showed sales increased for properties that were priced in the low to mid-range of the market.
“The Miami real estate market continues to reflect strength and vitality fueled by demand from both foreign and domestic buyers,” said Liza Mendez, chairman of the board of the Miami Association of Realtors. “While supply is growing and creating more balance between buyers and sellers, inventory in certain price points and market segments remains tight, particularly for single-family homes.”
Improvements in Jacksonville housing market
In Jacksonville, the housing market has seen solid sales in July and a growing inventory, according to the Northeast Florida Association of Realtors. Jacksonville investment properties will most likely see demand this year, according to a forecast by Zillow. The real estate site named Jacksonville the No. 7 hottest housing market in the country for 2014. The latest figures for July indicate closed sales rose 5.3 percent from the previous year and new listings grew from June’s 9,947 to 10,019 in July.
“The characterization of Northeast Florida’s real estate market these days is steady-as-she-goes,” NEFAR President Linda McMorrow said in a statement. “It is wonderful to be able to report on a market that is continuing on a positive, stable course with no major fluctuations.”
As real estate activity in Jacksonville picks up, investors might want to jump into the market and work with a rental property investment firm to gain insight into their home buying options.