Port St. Lucie Construction On the Rise.
Typically a mainstay of the Florida economy, construction has remains sluggish until recently.
The slow housing market was the main culprit, but that market is changing. With the country still emerging from the worst economic crisis in decades, South and South Central Florida, including the Treasure Coast community of Port St. Lucie, may have finally turned the corner, as Port St. Lucie construction is on the rise.
According the the New York based research firm McGraw Hill, contracts for future construction in South Florida rose 38 percent in July of 2013 to $597.3 million from $431.3 million a year earlier.
Of that, new residential construction contracts rose 52 percent in July to $352.2 million from $232 million a year earlier for the metropolitan area encompassing Miami-Dade, Broward, and Palm Beach counties.
Central Florida had $2.6 billion worth of contracts for future residential and commercial construction projects in the first six months of this year, a 67 percent uptick from $1.6 billion in the year-earlier period
For January through July, new construction contracts totaled $3.70 billion, up 24 percent $2.98 billion in the year-ago period. Tight inventory is forcing buyers to compete with one another again, a big change from just two years ago when few people were buying.
According to the National Association of Realtors, the national median sales price for existing single-family homes in June was up 13.2 percent from the previous year to $214,700, putting this region on par with national trends.
The median price for a house in Florida is at $175,000 up 15.1 percent compared with June 2012.
People are finally catching on to the fact that Florida’s real estate market is growing. For the past two years, we’ve been up month-over-month in closed sales. This month’s numbers suggest that the inventory crunch will ease in the second half of this year and Port St. Lucie construction will flourish.
Prices are starting to come back but there’s still room to go. We have gone way below the historical trend in prices in Florida. That suggests we will see in the future a return to that historical timeline. There is a lot of room here for price improvement over the next several years.
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