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MARKET Report COMMUNITY Market Highlights + 25.9% + 20.9% Pending Sales Closed Sales Price Single-Family Homes Single-Family Homes One-Year Change in T The Florida residential real estate market continues to ride the upswing that began in 2012. Median sale prices are up, the number of closed sales continues to rise, and a dwindling inventory of homes for sale has thrust the state into a seller's market. Based on current market statistics, there is no reason to believe that this trend will end any time soon. One of the big stories in the 2013 real estate market is the drop in Florida foreclosures. Down 15% from last year, Florida is no longer leading the nation in this category. Experts believe the lower foreclosure rate is primarily due to a 65% drop in new filings, the lowest since 2005. Statewide closed sales of existing single-family homes totaled 21,238, up 20.9% from year-ago figures, according to data from Florida Realtors. Meanwhile, pending sales for existing single-family homes rose 25.9% from last year. The statewide median sales price for single-family existing homes hit $177,500, up 18.7% from last year. "We're seeing double-digit gains in statewide closed sales, new listings, 62 | FLORIDA HOMES MAGAZINE One-Year Change in pending sales and higher median prices," said 2013 Florida Realtors President Dean Asher. He added, "And these increases are happening in both the single-family and the townhome-condo markets. Florida's housing market is growing and that's good news for our economy." over 55 market makes up a large portion of the states home buyers. Many are taking advantage of low housing prices and buying homes years before retirement, using them as vacation getaways until they fully retire. This allows them to build their nest egg while making plans for their future. With these developments, consumer confidence also appears to be growing. 2013 is showing a very active real estate market with both seasonal visitors and local residents purchasing homes or investment properties. In addition, the luxury market is showing an increase of 1.7% over last year. With over two thirds of these purchases being from cash buyers, it is clear that there is a rising confidence in the value of Florida properties. The National Association of Realtors is projecting a 3% growth in U.S. gross domestic product by 2014, along with a steady increase in national median home prices. This is already being evidenced in the Southwest Florida market. SAR President, Roger Piro says "The biggest current trends remain the high level of market activity-foot traffic at open houses, competitive bidding for available homes, and a tremendous volume of sales." Experts feel that the Florida real estate market is now enjoying stable market health with positive indications that this trend will continue. According to realtors, Baby Boomers are a significant segment of the buyers market. Says Michael Saunders, "We have no pollution, no traffic compared to other cities, and low crime. It's a safe, non-toxic environment with arts and beaches. It allows them to live the simple life." Indeed, with Florida being in the top ten Tax Friendly States for Retirees, the

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