The Florida real estate market is on fire. That was the take-home message of the Lay of the Land Conference held in Lakeland, Florida, on April 19–20. The conference, now in its 17th year, is hosted by SVN | Saunders Ralston Dantzler Real Estate.
Attendees got a deep dive into how the U.S. and Florida economies are faring and received the real estate firm’s Lay of the Land Report, which details verified land sales during the previous year.
Inflation and growing worries that recession might be brewing have not cooled the real estate market in Florida. Dean Saunders, founder and managing director of SVN | Saunders Ralston Dantzler, said that every sector of real estate was hot in 2021 and was unlike anything he has witnessed before.
Tight closing times, multiple offers and cash deals were common last year, he said. For people with money in hand, Saunders said Florida real estate is a great and relatively safe place to invest it.
“We had a 37% increase in the number of real estate transactions year-over-year from 2020 to 2021,” Saunders said. “That was around 900,000 transactions in 2021, and this data leaves three Florida counties out (which have not reported yet). The value increase was 268% higher year-over-year. We did almost $1 trillion worth of real estate transactions last year. That is astonishing. It was a fourfold increase of what happened in 2020.”
Last year, citrus groves continued to make up a significant portion of agricultural real estate sales. There were 71 citrus land sales reported in 2021. The sales price for the transactions totaled $118,360,343. Average prices for citrus land were $7,266 per gross acre and $9,688 per net-tree acre. That was 33% higher than what citrus land fetched in 2020.
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