South Florida in the Top 10 Markets of New Home Sales
Written by Emil Fleysher | September 23, 2014 | Foreclosure
According to Metrostudy Research Firm, South Florida ranks among the top markets of home construction. The tri-county area is ranked ninth in the country after a nationwide survey was conducted of nearly a thousand communities, including job and population growth with housing evidence. The construction business is doing very well right now because there is a high demand for new homes but the supply minimal which allows for homebuilders to work the market to their favor.
Ocala was ranked number one on the list, followed by Orlando at number two, Fort Myers ranked third and Naples sixth. From 2000 to 2005 where the house boom began, the builders in South Florida generally initiated at about 1,000 homes a quarter but when the construction hit an all-time low in 2009 the quarter only gave about a few dozen homes. Since that the market has picked back up for homebuilders, they are now facing a new problem, land to which build on.
Palm Beach County home construction has started to move west to find suburb land. In Parkland, located in the northwest region of Broward County, approximately 1,500 homes will be built but empty lots are a rare commodity to find so builders are looked for old locations to decimate and build new ones.
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