Florida Markets Dominate REALTOR.com Top Ten Turnaround Report

Realtor.com has just published Florida Markets Dominate REALTOR.com Top Ten Turnaround Report.  I am currently working on the Pinecrest Florida year end real estate market report and I see Pinecrest Florida is have another strong real estate sales year.  Year-to-date, only 18% of homes sold in Pinecrest have been short sales or foreclosures.  This is way below Miami-Dade County where 58% of the homes sold year-to-date have been distressed sales.

Here is an excerpt of the REALTOR.com report:

Though the past four years have seen many cities suffering from large numbers of foreclosures and a loss in home values, ten of these real estate markets are now leading the nation towards a general recovery and stability of the housing sector.

Realtor.com’s Top 10 Turnaround Town Report, based on third quarter 2011 data, includes six Florida markets: Miami, Orlando, Fort Myers-Cape Coral, Fort Lauderdale, Sarasota-Bradenton, and Lakeland-Winter Haven.

Each of these markets has experienced positive year-over-year median price appreciation, reductions in year-over-year median age of inventory and inventory counts, while also experiencing lower unemployment rates on a year-over-year basis.  Florida’s success can also be tied to foreign buyers; the number of foreign buyers purchasing homes there increased from 10 percent in 2007 to 31 percent in 2011.

Miami, FL: The number one town on the report, Miami has gone from being one of the first victims of the subprime crash to having a healthy inventory that is only half the size from a year ago.  Today, Miami is only reporting one foreclosure for every 407 homes, compared to the national rate of one per every 213.  And, condo sales have increased 79 percent in the first five months of this year, largely due to an influx of foreign investors.

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