On top of all the seasonal snowbirds that migrate to Florida for warmer climes, and the tourists that come to take pictures with overgrown rodents, there's a steady stream of people that are actually looking to put their roots down here in the Sunshine State. How's the housing market keeping up?
This flood of new residents puts a tremendous amount of pressure on the local supply of homes, which is struggling to keep up with demand. According to data gathered by the Orlando Regional Realtor Association, home supply is down 61% since last May! This is causing prices to skyrocket as buyers are competing for limited real estate. Not to mention that many local buyers are often times muscled out of the competition when facing buyers from the higher-cost Northeast and West Coast.
While the influx of the Central Florida population continues to rise, new home construction across the country has been struggling to stay afloat. Dealing with a Global Pandemic, dwindling land supply, and rising material costs has left the housing supply painfully low. Although the economy seems to be slowly reviving, the gap between home buyers and homes to buy is still quite substantial.
Now this may seem like the situation has become dire, but the reality is that this is an opportunity. An opportunity for all of our Central Florida Builders! Demand for new homes in Central Florida is staggeringly high and still growing. So BUILD, BUILD, BUILD! More buyers are coming.