The Florida Realtors Association recently published 2017 Profile of Home Buyers and Sellers Florida Report, as well as the 2017 Profile of International RE Activity in Florida Report. In reviewing these reports, we want to share with you some interesting highlights and insights (all credits to FAR and NAR).
- In Florida, 22% of all the buyers were first-timers. (Nationally, it was 34%).
- The typical Florida buyer was 54 years old, with a median income of $83,000. (Nationally, the average age was 45)
- 68% were married couples, 14% were single females, 9% were single males, and 8% were unmarried couples.
- 25% of buyers were veterans and 3% were active-duty service members in Florida. (Nationally, only 18% of buyers were veterans).
- For 26% of the buyers, the primary reason for purchasing a home was the desire to own a home of their own.
- The typical Florida home sellers was 60 years old, with a median income of $96,500
- In Florida, the top reasons for moving were retirement (15%), to be closer to friends and family (12%) and job relocation (11%).
- Florida sellers typically lived in their home for 11 years before selling.
Florida residential property purchases by foreign buyers
- Foreign transactions were 21% of Florida’s residential dollar volume (up 2% from 2016), 15% of units of properties (up from 12% in 2016).
- 34% were Latin American and Caribbean buyers (down from 39% in 2016). 22% were Canadian buyers (up from 19%). Others were consistent at 23% European buyers, 10% Asian buyers, and 1% African buyers.
- Most were concentrated in 5 metropolitan areas: 53% in Miami-Fort Lauderdale-West Palm Beach. 11% in Orlando-Kissimmee-Sanford. 9% Tampa-St. Petersburg-Clearwater. 6% in Cape Coral-Fort Myers. 5% in North Point-Sarasota-Bradenton.
- The median price paid was $259,400.
- 72% made an all-cash purchase.
- 68% purchased for vacation, residential rental or both. 49% bought a townhouse or condo.
If your dreams and goals this new year involve real estate, we are always ready to assist. Feel free to reach out to us. We enjoy brainstorming with our customers. Take advantage of our market experiences, which are often different than what you read and hear in the national news, and always more relevant at a local level.
We at the Yao Team are fervent believers of the benefits of homeownership and real estate investments. We love real estate not just professionally but also personally. We hope you will consider us as your consultants and your advocates when it’s time for you to buy or sell a home.
Until next month, take care!
Yien and The Yao Team