Florida Residential Real Estate Boom
Over the past year, Florida has been receiving many new residents from northern states. How much money was exchanged for new homes in 2020? $18.2 Billion to be exact. According to NABOR statistics, around 80% of home sales for homes that were valued around $2 Million+ were cash sales, in the $1 million+ category around 72%. In terms of year over year growth, it was up 62.4% for homes in $2M+ but an astounding 142% for $1M+ homes. Currently, the residential market has 60% fewer single-family houses available then last year. Lee County specifically had an increase of 157.2% in pending sales in 2020, more specifically in the townhouse/condo category it rose to a 171.7% increase. These statistics paint a vivid supporting image of singles and families who have migrated from around the country to the sunshine state.