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Residential real estate: Panelists assess the state of the current market

TBBJ Photo Luncheon

Alexis Mueller, Editor-Tampa Bay Business Journal

Our annual executive roundtable discussion on residential real estate covered topics ranging from price points to construction labor to managing millennial buying habits.

Panelists

ZALES: In the west central Florida region for Coldwell Banker we have seen most of our buyers in the U.S. are coming from New York, Illinois, Pennsylvania, Ohio, and New Jersey. Those led the way in data over the past six months. We also took the total sales over the past six months and compared it to the prior year, and in May of last year when we studied the market we found there were 138 total sales over $1 million, and this year the May study reveals 184 total sales. So, in the market segment of sales of homes priced between $1 million and $2.5 million we’ve seen that during the same six-month period last year and we now are up 37 percent, which is very significant. The homes in that price point have declined from 20 months of supply to 15 months this year, so that’s very exciting to show the trend. It’s also very interesting that the majority of our international buyers in the west central Florida region have been from Canada, so we can now track this information in our MLS. But we also have the U.K., France and Brazil. We had as many buyers from Brazil as our southeast market in Miami. You usually hear more about it there. I am also starting to see more Chinese buyers just coming onto the scene.