Florida Real Estate Market

FLORIDA'S POPULATION GROWTH

The U.S. Census Bureau estimates Florida's 2002 population at 16,713,149.

Currently Florida is experiencing a 2.6 % rate of growth, which will give a doubling of the population in 27.7 years. By the year 2030, a population of 33,426,298.

Fort Lauderdale real estate: $6.3B in '03 Sales of existing homes and condominiums in the Fort Lauderdale area reached a record-setting $6.3 billion in 2003, the Realtor Association Of Greater Fort Lauderdale said.

The group said the sales figure was $1 billion, or 18.86 percent, ahead of last year's $5.3 billion total. Although both single-family home and condominium sales showed gains for the year, the association labeled 2003 the year of the condominium, explaining the average sales price of an existing condominium hit a record-setting $139,977, an 18 percent increase from $118,586 in 2002. "What a year," noted Charles Bonfiglio, association president. "Although prices jumped substantially, the market still showed strong demand throughout the year, especially condominiums." Bonfiglio said historically, the condominium market was critical to the growth of the Fort Lauderdale area real estate market in the 1950s and 1960s.

"That market slumped in the '80s, but it has again re-emerged as a major force," he said. Single-family home sales also showed growth, though. The association said the annual average sales price for an existing single-family home topped $286,404 in 2003, up 12 percent from $254,797 posted in 2002.

The Florida Association of Realtors compiles sales data for existing, single-family homes, but its most recent statistics are for November. FAR sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
While total dollar volume showed double-digit growth for both single-family homes and condominiums, the Fort Lauderdale association said unit sales for both types of homes in the area totaled 29402 sales, a little more than 4 percent ahead of last year's 28,240 total.

Looking forward, Bonfiglio said he anticipates interest rates will rise in 2004, cooling demand. "However, I don't see any substantial pull back," he said. "There's just no large tracts of new land available, so demand will focus on existing product and in-fill development; and there's still a great demand to live in this beautiful Fort Lauderdale area."

© 2004 American City Business Journals Inc.
The Current Population Survey collected by the Census Bureau in March 2002 indicated that in the two-year period of 2000-2002, 71.9% of Florida's population growth was attributable to the arrival of immigrants plus births to immigrants.
From 1990-2000 Florida's population grew by 23.5% with an increase of three million people.

Now number four in population among the 50 states, Florida is poised to pass New York for the number three spot by 2024, behind only California and Texas.

Florida Real Estate Market | Nevada Real Estate Market
Arizona Real Estate Market

Plan

If you cannot view file click on link below and download Adobe Reader

Site Designed by
GlobalAMS