What price levels are we talking about? According to data from the Florida Realtors research department, the median sales price for existing single-family homes in March 2025 was $412,500 – down by 1.9 per cent from the previous month. According to Zillow – a website that provides information and tools for buying, selling, renting and financing homes in the U.S. – single-family home median price estimates for top Florida metropolitan markets show the following: Tampa-St. PetersburgClearwater: $366,460; Orlando-KissimmeeSanford: $389,268; Jacksonville: $287,628; North Port-Sarasota-Bradenton: $428,956; Miami-Fort Lauderdale: $485,280. (Most realtors consider the “median” a more accurate measure of home pricing than “average” in any given area. The median is the mid-point in any given set of numbers. Half the numbers are above, and half below. In averaging, even one or two extraordinary sale prices can distort the apparent value of all others.) A note of caution: Condo and town house markets tell a different story. Watch your step. In this optimistic assessment of the single-family home market, it’s necessary to establish that the condo/town house market faces tougher sales potential, largely due to major monthly association (HOA) fee rises needed to meet new reserve requirements enforced by the state following the catastrophic 2021 condo collapse in the Miami suburb of Surfside. Some of the resulting HOA fees are equal, or close to the mortgage or rental charge paid by unit owners. Barring any serious disruptions, Canada’s presence in Florida is expected to remain substantial. In the first quarter of 2025 (January through March) Canadians took 1.227 million trips to Florida – a modest 3.4% reduction from the comparable quarter of 2024, and virtually the same as in 2023. According to the U.S. National Association of Realtors, as of 2024, Canadians still accounted for 13 per cent of all foreign home purchases in the U.S. (worth about US$5.9 billion…well ahead of China, Mexico, India and Colombia). Says Tim Weisheyer, president of FloridaRealtors.Org – the nation’s largest state realty association, “After years of incredibly low inventory and ever-increasing home prices across Florida, we are experiencing a normalization of the real estate market in our state. This is great news for homebuyers who have been sitting on the sidelines, as increased for-sale inventory and the easing of median prices brings more opportunity in Florida’s housing market.” Milan is a dual U.S./Canadian citizen who has lived and worked as an international medical/economics writer in Fort Lauderdale for many years. He invites your comments at mkorcok@aol.com CSANews | SUMMER 2025 | 33 Real Estate
RkJQdWJsaXNoZXIy MzMzNzMx