Engel & Völkers Florida: 2023 Year-End Florida Luxury Real Estate Market Report

Y E A R - EN D 20 23

Florida Luxury Real Estate Market Report

2

Contents Executive Note 07 Florida State 08 30A Beaches • Panama City 12 Broward County 16 Cape Coral • Fort Myers Beach 20 Crestview • Fort Walton Beach • Destin 24 Deltona • Daytona Beach • Ormond Beach 28 Gainesville 32 Jacksonville 36 Lakeland • Winter Haven 40 Martin County 44 Miami • Dade County 48 Naples • Immokalee • Marco Island 52 Ocala 56 Orlando • Kissimmee • Sanford 60 Palm Bay • Melbourne • Titusville 64 Palm Beach County 68 Pensacola • Ferry Pass • Brent 72 Punta Gorda 76 Sebastian • Vero Beach 80 St. Lucie County 84 Tallahassee 88 Tampa • St.Petersburg • Clearwater 92 Venice • Sarasota • Bradenton 96 This is Us 101 Franchise Opportunities in Florida 103 We Are Where You Are 104 *The sales and economic date has been compiled by using various sources including MLS, Florida Association of Realtors, Florida Chamber of Commerce and Internal Reporting systems.

$38 Billion Annual Gains, 137 Million Tourists, and a Resilient Luxury Market. $107,520,000: This is the amount of net adjusted gross income Florida gained from people migrating in and out of the state each day! In 2023, Florida saw a staggering influx of $38 billion in annual net gains from individuals, families, and businesses relocating to the state, highlighting its enduring appeal as a destination for prosperity and opportunity. The state also maintained its position as a premier tourist destination, welcoming over 137 million visitors who contributed over $105 billion to the local economy through tourism and recreation spending. While the rest of the nation grappled with a historic decline in real estate transactions, reminiscent of levels last seen in 1995, Florida demonstrated remarkable resilience. Despite a nationwide downturn of nearly 20%, Florida's real estate market saw a comparatively modest decrease of 12% in total transactions, a testament to its allure for prospective homeowners and investors alike.

Throughout 2023, the real estate narrative was dominated by a high interest rate environment, resulting in home sellers remaining tethered to their existing low-rate mortgages, thereby constraining inventory levels. Consequently, demand continued to outpace supply, propelling property prices upwards across the state. Notably, affluent individuals relocating to Florida drove a significant portion of transactions, with over 36% of properties being sold for cash, marking the second-best year on record. This trend is poised to persist into 2024, underscoring the sustained growth of the luxury market.

The year concluded with properties priced at $1 million and above emerging as the sole segment to witness an increase in listings, boasting the strongest year-over-year performance in terms of sales prices statewide. Demand for such properties remains robust, with the median time on the market shrinking to just 43 days in 2023, compared to 130 days in 2019.

As opportunities continue to abound for affluent individuals seeking to invest in Florida's thriving real estate landscape, Engel & Völkers experienced unprecedented expansion in 2023. With the addition of 12 new markets, we now boast 53 locations statewide, serving diverse communities ranging from bustling metropolitan areas and scenic beach towns to tranquil retirement enclaves and burgeoning equestrian markets.

At Engel & Völkers, luxury transcends mere price points; it embodies a commitment to delivering unparalleled service to all our clients. On behalf of our franchise owners and real estate advisors, we eagerly anticipate the opportunity to fulfill your every real estate need.

Sincerely,

Peter Giese Peter Giese — CEO of Engel & Völkers Florida

7

20 2 3 N E T I N C O M E M I G R AT I O N

$39,2000,000,000 L U X U RY M A R K E T

Florida Statewide Snapshot Welcome to the vibrant world of Florida real estate, where sun-kissed landscapes and a diverse array of properties converge to create an irresistible haven for homebuyers. From luxurious beachfront estates along the Gulf Coast to stylish urban dwellings in bustling Miami, the Sunshine State offers a spectrum of living options to suit every taste and lifestyle. With a thriving economy, a tropical climate, and a dynamic cultural scene, investing in Florida real estate not only secures a home but opens the door to a lifestyle defined by endless possibilities.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

8

21,179

42

38,315

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 3.3% Change

+ 82.6% Change

+ 2.4% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

6,866

48

13,165

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 7.8% Change

+ 65.5% Change

+ 7.9% Change

YoY

YoY

YoY

9

Florida State

Overview The Florida real estate landscape is undergoing nuanced shifts, reflecting a market dynamic influenced by various factors. In the realm of single-family homes, a modest decrease in closed sales hints at a market showing signs of moderation, providing buyers with more thoughtful decision-making opportunities.

Concurrently, the upswing in median and average sale prices underscores the market's resilience and sustained appreciation.

The condominium sector unveils intriguing trends with declining closed sales, indicative of the recent legislation changes requiring greater capital reserves for each building. However, the uptick in median sale prices and robust average sale prices portray a sector

more scrutiny to the mortgage approval process. Contrastingly, the 5.2% rise in the median sale price to $322,500 suggests an appreciation in condo values, possibly due to increased desirability. The 3.9% growth in the average sale price aligns with positive market performance. However, the 32.7% increase in median days to sale signals a longer decision-making process. The substantial 52.6% surge in condo inventory levels provides a broader selection for buyers, potentially impacting negotiation dynamics.

$1M+ Single-Family Homes

still experiencing value appreciation. Delving into the realm of

The marginal 3.3% decrease in closed sales within the $1 million+

luxury real estate, both in single-family homes and condominiums

single-family home segment indicates relative stability in the high-

priced at $1 million or more, a nuanced stability emerges, marked

end market. The 82.6% increase in the median time to contract

by intricate negotiations and expanding inventories that empower

suggests a more intricate negotiation process characteristic of

affluent buyers. This analysis aims to provide insights into the

luxury transactions. The 2.4% rise in new listings contributes to

evolving dynamics of Florida's real estate market, offering a guide

the dynamism of the high-end market. The notable 32.0% increase

for industry stakeholders to navigate these changes effectively.

in inventory levels further expands choices for affluent buyers,

Single-Family Homes The 10.3% decrease in closed sales for single-family homes may

potentially influencing pricing dynamics.

$1M+ Condominiums

suggest a slight cooling in transactional activity. However, the

The 7.8% decline in closed sales for $1 million+ condos indicates

simultaneous 1.9% increase in the median sale price to $410,000

a nuanced demand pattern within the luxury condo segment.

indicates resilience in property values. The 2.1% uptick in the

The 65.5% increase in median time to contract highlights the

average sale price further underscores sustained growth. The

meticulous nature of high-end condominium transactions. The

notable 33.9% surge in median days to sale signals a shift toward a

7.9% growth in new listings adds to the overall supply in the

more considered buying process. With a slight 17.8% increase in

luxury condo market. The substantial 40.2% surge in inventory

inventory, there's a nuanced balance emerging, offering

levels enhances options for affluent buyers and may impact

prospective buyers an extended array of options.

pricing negotiations.

Condominiums The 16.0% decline in closed condo sales points to a reduction in

10

demand, reflecting changes in recent state legislation bringing

STATE S NAP S H OT AVE RAGE SALE

930K

$

53 S HOP S • 950+ ADVI SORS

Florida State Yearly Market Detail S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

11

20 2 3 N E T I N C O M E M I G R AT I O N

$817,320,000 L U X U RY M A R K E T

30A Beaches • Panama City Where pristine beaches meet vibrant communities, creating an idyllic haven for both residents and investors, Nestled along the Gulf of Mexico, this region offers a diverse array of properties, from beachfront estates with breathtaking views to charming homes in welcoming neighborhoods. With their rich natural beauty and a real estate market brimming with opportunities, Bay and Gulf counties beckon those seeking a perfect blend of coastal living and Southern charm.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

12

244

46

460

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 5.6% Change

+ 48.4% Change

- 1.9% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

40

42

81

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 33.3% Change

No Change

- 12.9% Change

YoY

YoY

YoY

13

30A Beaches • Panama City BAY A N D G U L F C O U N T I ES

Adapting to Shifting Demand

making process in this segment.

The real estate landscape in Panama City reflects a 14.9%

A Closer Look at Luxury Real Estate

decrease in closed sales for single-family homes, indicating a potential adjustment in buyer activity. Despite this, there is a positive 3.2% change in the median sale price, reaching $365,000, suggesting a robust demand for higher-value properties. The 7.1% increase in average sale prices further underscores the appreciation in property values, aligning with the city's attractiveness to homebuyers. However, the notable 27.5% surge in median days to sale points towards a more contemplative decision-making process among buyers. The 10.7% rise in inventory levels may provide more housing options, potentially influencing property values.

Evolving Preferences and Growing Inventory Conversely, the condominium market experienced a substantial 30.7% decline in closed sales, hinting at shifts in buyer preferences or external factors affecting demand. Despite this, the 2.4% increase in median sale price to $435,000 showcases sustained appreciation in condo values. The average sale price also rose by 3.6%, emphasizing a demand for higher-end condominiums. The 68.7% surge in condo inventory introduces a dynamic shift, offering a broader selection for prospective buyers. The extended median days to sale (36.2%) implies a more prolonged decision-

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In the $1 million+ segment for single-family homes, closed sales increased by 5.6%, indicating continued appeal for high-end properties. The median time to contract rose by 48.4%, potentially reflecting a more meticulous negotiation process among affluent buyers. The 52.9% surge in inventory levels provides an expanded range of choices for those seeking upscale housing. Conversely, $1 million+ condominiums experienced a 33.3% increase in closed sales, yet the median time to contract remained unchanged. Limited new listings and the 38.1% rise in inventory suggest a specialized and possibly exclusive market for luxury condominiums.

Economic Influx The net income migration of $817.32 million reveals a significant economic influx into Panama City. This migration may be intricately connected to the observed real estate trends. The appreciation in property values and the surge in inventory levels could be influenced by the increased spending capacity of those relocating with higher incomes. The demand for luxury properties aligns with the net income migration, showcasing a growing and diverse community contributing to the city's prosperity.

STATE S NAP S H OT AVE RAGE SALE

1.37M

$

3 0A BE ACHES

30A Beaches • Panama City S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

15

20 2 3 N E T I N C O M E M I G R AT I O N

$1,686,000,000 L U X U RY M A R K E T

Broward County Nestled in the heart of South Florida, Broward County boasts a diverse array of neighborhoods, each with its own unique charm and character, offering a plethora of real estate opportunities. Whether you're drawn to the luxurious waterfront properties, bustling urban developments, or serene suburban enclaves, Broward County promises a real estate journey that seamlessly blends lifestyle and investment in a tropical paradise.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

16

1,894

50

3,453

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 11.7% Change

+ 100% Change

- 6.6% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

487

58

1,021

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 32.2% Change

+ 23.4% Change

- 2.7% Change

YoY

YoY

YoY

17

Broward County

Balancing Act in Single-Family Homes Broward County's single-family home market, as of the close of 2023, witnessed a 14.6% decrease in closed sales, signaling a potential moderation in buyer activity. This, however, is counteracted by a 5.5% increase in the median sale price, reflecting sustained property value appreciation. The 2.6% uptick in the average sale price and the 19.3% increase in median days to sale suggest a more deliberate decision-making process among buyers. The 1.1% decrease in inventory may contribute to a sense

experienced fluctuations, the substantial 100.0% increase in the median time to contract for $1 million+ single-family homes suggests a more intricate and possibly prolonged transaction process. The increase in inventory levels offers expanded choices for luxury homebuyers. In the $1 million+ condominium segment, the significant 32.2% decrease in closed sales and the 28.0% surge in inventory may signal challenges or evolving preferences in this luxury market.

of scarcity, potentially influencing future pricing dynamics.

Interplay of Net Income Migration

Adapting to Shifting Preferences

Correlating these real estate trends with the substantial net

In Broward County's condominium market, the 20.3% decline in closed sales suggests evolving preferences or external factors impacting demand. Despite this, the 9.2% increase in the median sale price signals continued appreciation in condo values. The substantial 51.0% surge in inventory levels provides prospective buyers with more options, potentially impacting pricing dynamics.

The 16.4% increase in median days to sale indicates a more extended selling cycle, requiring careful negotiation.

Navigating Complexity Examining the $1 million+ segment for both single-family homes

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and condominiums reveals nuanced dynamics. While closed sales

income migration of $1.686 billion to Broward County adds a layer of understanding. The influx of income contributes to the overall economic vibrancy, potentially driving changes in demand and influencing property values. Affluent relocations, especially in the $1M+ segment, may play a significant role in shaping housing preferences and market dynamics. As individuals with specific income levels move to the area, the real estate market adjusts, offering opportunities and challenges for both buyers and sellers.

This interplay between net income migration and real estate trends underscores the complex factors shaping Broward County's housing landscape.

LOCAL S NAP S H OT AVE RAGE SALE

1.20M

$

FORT L AU DERDALE • P O M PA N O B E AC H FR AN CH I S E OPP ORTU N ITI ES AVAI L AB LE

Broward County S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

19

20 2 3 N E T I N C O M E M I G R AT I O N

$2,415,000,000 L U X U RY M A R K E T

Cape Coral • Fort Myers Sun-soaked between the pristine beaches of Fort Myers and the charming riverfront of Cape Coral, Lee County boasts a diverse range of properties, from waterfront estates to thriving urban developments, making it a haven for both investors and those seeking a piece of paradise. With a flourishing economy, a rich cultural tapestry, and a reputation for outstanding quality of life, Lee County stands as an enticing destination for those looking to make their mark in the dynamic Florida real estate market.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

20

1,164

40

2,489

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 8.0% Change

+81.8% Change

+ 19.0% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

299

34

534

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 1.7% Change

+ 142.9% Change

+ 18.1% Change

YoY

YoY

YoY

21

Cape Coral • Fort Myers L EE C O U N T Y

Navigating Market Dynamics The single-family home market in Cape Coral and Fort Myers experienced a 5.3% decrease in closed sales, hinting at a nuanced shift in buyer activity from year-end 2022 to year-end 2023. While the median sale price dropped by 2.3%, showcasing a more accessible entry point for homebuyers, the average sale price decreased by 1.4%. The significant 77.6% surge in inventory, from 3,575 to 6,349, presents a marked increase in housing options. The median days to sale increased by 40.0%, suggesting a more contemplative purchasing process. Correlating this data with a substantial net income migration of 2.415 billion, it appears that the market is adapting to an influx of residents with diverse income levels, potentially influencing demand patterns and property values.

Adapting to Changing Preferences The condominium market witnessed a 15.6% decrease in closed sales, indicating potential shifts in preferences or external factors affecting demand. Despite this, the median sale price increased by 4.6%, reflecting sustained appreciation in condo values. The average sale price also rose by 7.7%, underscoring a market for luxury condominium living. The dramatic 143.7% increase in inventory may provide prospective buyers with a more extensive range of choices. The correlation with a net income migration of 2.415 billion suggests that the condo market is evolving to

22

accommodate individuals with varied income levels, impacting both demand and pricing dynamics.

Balancing Affluence and Market Dynamics In the $1 million+ segment for single-family homes, there was an 8.0% decrease in closed sales. The median time to contract increased by 81.8%, emphasizing a more thoughtful approach among affluent buyers. New listings surged by 19.0%, potentially addressing the demand for high-end properties. The substantial increase in inventory by 112.9% offers a broader spectrum of upscale housing choices. In the $1 million+ condominium segment, the modest 1.7% increase in closed sales, coupled with a 98.4% surge in inventory, suggests a specialized market that caters to high-net-worth individuals. The correlation with a net income migration of 2.415 billion indicates a complex interplay between affluent relocations and market adjustments.

Net Income Migration Impact The net income migration of 2.415 billion underscores the economic story of Cape Coral and Fort Myers. This substantial influx not only contributes to a growing real estate market but also reflects the broader economic appeal of the region. Individuals moving here bring their housing preferences and diverse income levels, shaping the market dynamics.

STATE S NAP S H OT AVE RAGE SALE

930K

$

CAPE COR AL • FO R T M Y E R S D OWN TOWN S O U T H FO R T M Y E R S

Cape Coral • Fort Myers S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

23

20 2 3 N E T I N C O M E M I G R AT I O N

$194,770,000 L U X U RY M A R K E T O U T LO O K

Crestview • Fort Walton Beach • Destin From charming coastal communities like Destin and Miramar Beach to the tranquil neighborhoods of Santa Rosa Beach, these counties offer a blend of luxury waterfront properties, upscale condominiums, and welcoming family homes. With a perfect mix of idyllic scenery and a thriving local culture, investing in Okaloosa and Walton counties' real estate promises not just a home but a slice of paradise along the Emerald Coast.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

24

1,212

49

2,290

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 23.0% Change

+ 145.0% Change

-7.7% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

297

36

454

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 6.0% Change

+ 157.1% Change

- 8.3% Change

YoY

YoY

YoY

25

Crestview • Fort Walton Beach • Destin O K A LO O SA A N D WA LTO N C O U N T I ES

Navigating Market Shifts The real estate landscape in Okaloosa and Walton counties experienced notable shifts from year-end 2022 to year-end 2023. Despite a substantial 22.6% decrease in closed sales for single-family homes, suggesting changes in buyer activity, the median sale price saw only a modest decline of 2.4%, indicating a balanced pricing structure. The average sale price also marginally decreased by 0.6%, while the extended median days to sale, up by 35.9%, may reflect a more deliberate decisionmaking process among buyers. These trends correlate intriguingly with the net income migration of 194.77 million, suggesting a potential influence on demand patterns as people with varying income levels relocate.

experienced declines of 23.0% and 6.0%, respectively. The median time to contract for luxury single-family homes increased by 145.0%, indicating a more intricate negotiation process, while for $1 million+ condominiums, it rose by 157.1%, highlighting the specialized nature of this market. The correlation with net income migration underscores the discerning choices of affluent individuals, with the decrease in closed sales reflecting a more selective luxury buyer pool. Additionally, the surge in new listings and inventory for both segments suggests a growing market catering to affluent tastes, potentially influenced by the movement of high-income individuals. Overall, these trends highlight the dynamic interplay between market shifts and the movement of people, with net income migration providing valuable insights into

Balancing Demand and Supply

evolving demand, property values, and housing preferences.

The condominium market in Okaloosa and Walton counties saw

$1M+ Condominiums

significant shifts from year-end 2022 to year-end 2023. Closed sales experienced a notable 33.1% decline, while the median sale price showed positive growth, increasing by 8.2%, signaling sustained demand for higher-end units. Moreover, the average sale price surged by 18.2%, underscoring the allure of condominium living. The median days to sale also increased by 54.7%, suggesting a longer selling cycle possibly influenced by specific market conditions or buyer behaviors. These trends, in conjunction with the net income migration of 194.77 million, suggest a correlation between the decline in closed sales and the changing demographics and income levels of relocating individuals. The growth in median and average sale prices likely reflects the preferences of higher-income individuals, contributing to the appreciation of condominium values.

Catering to Affluent Tastes In the $1 million+ segment for both single-family homes and

26

condominiums in Okaloosa and Walton counties, closed sales

Luxury condominiums in the $1 million+ range faced a decrease in closed sales, coupled with a significant increase in median time to contract. The decrease in new listings and rise in inventory again point to challenges in the luxury condo market, emphasizing the need for strategic decision-making.

Overview The overall market analysis underscores challenges in closed sales across segments, with the single-family home sector displaying a more stable pricing environment. The condominium market, despite price increases, faces notable hurdles. The $1 million+ segment experiences declines in closed sales, signaling a need for stakeholders to adapt strategies to the evolving market dynamics. The surge in inventory levels across segments suggests a market that requires vigilance and strategic decisionmaking in the coming months.

STATE S NAP S H OT AVE RAGE SALE

903K

$

DESTIN

Crestview • Fort Walton Beach • Destin S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

27

20 2 3 N E T I N C O M E M I G R AT I O N

$472,940,000 L U X U RY M A R K E T

Deltona • Daytona Beach • Ormond Beach From the sun-kissed shores of Daytona Beach to the historic allure of St. Augustine, these counties boast a diverse real estate landscape that caters to both beachfront enthusiasts and those seeking more tranquil residential neighborhoods. With a thriving market offering a range of properties, Flagler and Volusia counties stand as not just geographic locales but as enticing canvases for homeowners to paint their Floridian dreams.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

28

318

36

620

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 4.6% Change

+ 44.0% Change

+ 12.5% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

72

14

134

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

-15.3% Change

+ 0% Change

-18.8%Change

YoY

YoY

YoY

29

Deltona • Daytona Beach • Ormond Beach F L AG L ER A N D VO LU S I A C O U N T I ES

Navigating Market Shifts The real estate landscape in Flagler and Volusia counties has witnessed nuanced changes in the single-family home segment from year-end 2022 to year-end 2023. Despite a 9.0% decrease in closed sales, signaling a modest slowdown, the market remains resilient. The 1.5% increase in the median sale price suggests sustained property value appreciation, providing stability for homeowners. The 3.8% rise in the average sale price further underscores the attractiveness of this market. However, the 37.5% surge in median days to sale implies a more deliberate approach in the decision-making process, potentially influenced by external factors such as income migration.

58.8% increase in median days to sale signals a more prolonged decision-making process, emphasizing the need for buyers to carefully navigate their options.

Exclusive Choices and Market Adjustments Turning attention to the $1 million+ Condominiums segment, the 15.3% decrease in closed sales suggests a discerning luxury buyer pool or potential adjustments in this specific market. The 97.3% surge in inventory may provide insights into the growing availability of high-end condo options, catering to the preferences of affluent individuals. The unchanged median time to contract implies a steady negotiation pace despite market shifts, showcasing the

Affluent Relocations and Market Dynamics

stability of this niche market.

Analyzing the $1 million+ Single-Family Homes segment reveals

Net Income Migration Trends

intriguing trends. The 4.6% increase in closed sales indicates a buoyant high-end market, attracting affluent individuals to the area.

However, the 44.0% rise in median time to contract reveals a more intricate negotiation process, potentially linked to the specific income levels of those relocating. The surge in new listings by 12.5% and inventory by 54.5% indicates a growing luxury housing supply, offering diverse choices for high-net-worth individuals.

Balancing Demand and Income Influences The condominium market presents a distinctive picture, with a 17.8% decrease in closed sales, potentially reflecting shifting preferences or broader economic considerations impacting demand. Nevertheless, the 2.6% increase in median sale prices suggests continued appreciation in the condo market. The 70.4% surge in inventory indicates an expanding selection, likely

30

influenced by the diverse income levels of those migrating. The

With a net income migration of $472.94 million, the region is experiencing a considerable influx of wealth. This economic narrative intertwines with the real estate trends observed. The growing luxury housing supply and stability in property values reflect the preferences and purchasing power of those relocating.

The longer median days to sale across segments may suggest a more thoughtful approach among newcomers, possibly influenced by their specific income levels and lifestyle considerations.In summary, the real estate trends in Flagler and Volusia counties showcase a dynamic interplay between market shifts and the net income migration of $472.94 million. As affluent individuals move to the area, they shape demand, property values, and housing preferences, contributing to the overall vibrancy and growth of the local real estate market.

LOCAL S NAP S H OT AVE RAGE SALE

659K

$

NE W S M Y RNA BE ACH • PA L M C OAS T

Deltona • Daytona Beach • Ormond Beach S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

31

20 2 3 N E T I N C O M E M I G R AT I O N

$26,880,000 L U X U RY M A R K E T

Gainesville From the historic allure of Alachua's quaint neighborhoods to the expansive rural estates dotting Gilchrist County, this region offers a diverse array of housing options to suit every lifestyle. With a flourishing real estate market characterized by steady growth and a welcoming community spirit, these counties stand as ideal destinations for those seeking a harmonious blend of scenic tranquility and modern conveniences.

32

S I N G L E FA M I LY H O M E S OV E R $ 1 M

66 C LO S E D S A L E S

- 15.4% Change YoY

16 MEDIAN TIME TO CONTRACT

+ 19.3 Change YoY

128 NEW LISTINGS

+ 5.8% Change YoY

33

Gainesville A L AC H UA A N D G I LC H R I S T C O U N T I ES

Moderation in Buyer Activity In the Single-Family Homes segment, there was a 15.3% decrease in closed sales, suggesting a moderation in buyer activity.

However, the median sale price increased by 4.1%, reaching $340,000, indicating a demand for higher-priced properties. The average sale price also rose by 2.2%, reflecting an overall appreciation in property values. The median days to sale extended by 19.3%, signaling a more deliberate decision-making process among buyers. With a 24.4% increase in inventory, the market provides a broader selection for prospective homeowners.

Appreciation in Condo Values Condominiums experienced a 25.6% decrease in closed sales, possibly influenced by shifting preferences or external factors.

Despite this, the median sale price rose by 9.7%, reaching $171,104, showcasing sustained demand for higher-end units. The average sale price increased by 10.3%, indicating an appreciation in condo values. The median days to sale extended by 12.2%, emphasizing a more extended decision-making process among condominium buyers. The substantial 68.0% increase in inventory offers a diverse range of options for potential buyers.

Growing Inventory of Upscale Homes In the $1 million+ Single-Family Homes segment, there was a 15.4%

34

decrease in closed sales. The median time to contract surged by 220.0%, potentially reflecting a more intricate negotiation process for high-end properties. New listings increased by 5.8%, while inventory saw a significant 67.9% rise, suggesting a growing inventory of upscale homes. For $1 million+ condominiums, the absence of closed sales and new listings indicates a unique challenge or limited demand in this luxury segment. The net income migration of 26.88 million may be influencing the dynamics, with the data suggesting varied trends and challenges in different segments of the market.

Movement and Income Migration In the vibrant tapestry of Gainesville's real estate market, the interplay of shifting trends and challenges unfolds a narrative of adaptability. Closed sales, median sale prices, and inventory levels converge to create a dynamic environment offering both resilience and opportunities. The net income migration of $26.88 million adds a nuanced layer, influencing market dynamics and reflecting the economic pulse of the region. For stakeholders, this conclusion underscores the importance of understanding the symbiotic relationship between income migration and real estate trends, providing a strategic compass to navigate the ever-evolving landscape of Gainesville's real estate.

STATE S NAP S H OT AVE RAGE SALE

930K

$

G A I N E SV I L L E

Gainesville S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

35

20 2 3 N E T I N C O M E M I G R AT I O N

$1,660,000,000 L U X U RY M A R K E T

Jacksonville Where the sun-kissed shores of the Atlantic meet the charm of historic neighborhoods and modern urban developments. Nestled in the heart of the Sunshine State, these counties offer a diverse array of properties, from luxurious waterfront estates to cozy suburban homes, providing a unique and enticing mix for prospective homebuyers. With a thriving economy, excellent schools, and an abundance of recreational opportunities, this region beckons both seasoned investors and those seeking the perfect place to call home.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

36

1,181

35

1,840

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 1.8% Change

+ 25.0% Change

+ 3.8% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

169

30

237

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 19.9% Change

+ 50.0% Change

+ 22.8% Change

YoY

YoY

YoY

37

Jacksonville JAC KS O NVI L L E , S T. J O H N S , A M EL I A I S L A N D

Deliberate Transactions Amidst Growing Demand In the realm of single-family homes, closed sales experienced a 12.0% decrease, suggesting a measured approach by buyers.

However, the median sale price exhibited resilience, increasing by 0.7% to $386,500, indicating sustained property values. The average sale price rose by 2.6%, reaching $471,807, reinforcing the overall market strength. Interestingly, the median days to sale surged by 41.4%, signifying a more deliberate decision-making process. The decline in inventory by 3.9% may contribute to a sense of scarcity, potentially influencing prices in the future.

Balancing Act of Demand and Supply The condominium market, while witnessing a 6.7% decrease in closed sales, showcased robust growth in median sale price (6.8% increase to $266,940) and average sale price (7.5% increase to $335,174). These trends suggest sustained interest in higher-end units, potentially driven by Jacksonville's diverse demographic.

The median days to sale increased by 40.7%, indicating a more extended decision-making process among condo buyers. Notably, the 23.4% surge in inventory introduces more choices for prospective buyers, potentially influencing pricing dynamics in the condo market.

Affluent Relocations and Market Nuances In the $1 million+ segment for both single-family homes and condominiums, closed sales displayed nuanced trends. Single-

38

family homes witnessed a modest 1.8% increase, suggesting continued appeal among affluent buyers. The median time to contract rose by 25.0%, emphasizing a discerning approach in high-value transactions. In contrast, $1 million+ condominiums experienced a notable 19.9% increase in closed sales, showcasing a specialized market dynamic. The median time to contract for luxury condos decreased by 50.0%, perhaps indicating a swifter decision-making process within this exclusive market.

Net Income Migration Trends The net income migration of $1.66 billion significantly influenced Jacksonville's real estate trends. The overall market stability, especially in the single-family segment, aligns with the economic influx as buyers seemingly approach transactions thoughtfully.

The surge in condominium prices and the increased activity in the $1 million+ segments reflect the changing housing preferences of individuals contributing to the net income migration. This economic injection not only fosters a vibrant real estate market but also amplifies the appeal of Jacksonville as a destination for diverse homebuyers. In summary, Jacksonville's real estate market, entwined with a substantial net income migration, showcases a resilient and evolving landscape. The delicate balance between supply and demand, coupled with shifting preferences, sets the stage for continued growth and adaptability in this dynamic Florida city.

LOCAL S NAP S H OT AVE RAGE SALE

612K

$

FI RST COAST • ST. AU GUSTI NE ST. AU GUSTI NE BE ACH

Jacksonville S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

39

20 2 3 N E T I N C O M E M I G R AT I O N

$450,860,000 L U X U RY M A R K E T

Lakeland • Winter Haven Nestled amidst the state's stunning landscapes, Polk County boasts a thriving market that seamlessly blends historic allure with modern living.

From picturesque Lakeland to the tranquil shores of Winter Haven, explore a real estate haven where every property tells a unique story, inviting you to be a part of the Sunshine State's enchanting tapestry.

40

S I N G L E FA M I LY H O M E S OV E R $ 1 M

59 C LO S E D S A L E S

- 23.4% Change YoY

36 MEDIAN TIME TO CONTRACT

+ 16.1% Change YoY

204 NEW LISTINGS

+ 27.5% Change YoY

41

Lakeland • Winter Haven P O LK C O U N T Y

Navigating Buyer Activity Closed sales for single-family homes experienced a 9.4% decrease, suggesting a potential slowdown in buyer activity. The marginal change in median sale price and a modest increase in the average sale price indicate a balanced pricing structure, ensuring stability in the residential market. However, the significant increase in the median days to sale by 51.9% signifies a longer selling process, possibly requiring sellers to exercise patience. This nuanced scenario could be correlated with the net income migration, indicating that newcomers to Lakeland and Winter Haven are taking a more deliberate approach to their homebuying decisions.

The surge in inventory by 19.7% adds an interesting dimension, providing a diverse array of housing options for those migrating to the area. The net income migration of $450.86 million becomes a pivotal factor here, showcasing how the influx of income might be influencing the increased choices available in the market.

Surge and Appreciation In the condominium market, the 7.7% increase in closed sales is a positive signal, reflecting sustained interest in this housing category. The growth in median and average sale prices indicates a market where condos are not only selling well but also experiencing appreciation. The substantial 53.9% surge in condo inventory indicates a broader selection for prospective buyers,

42

potentially impacting pricing dynamics. This robust condo market aligns with the net income migration, suggesting that the increased demand and appreciation could be attributed, in part, to the economic influx.

Single-Family Homes Dynamics The $1 million+ segment for both single-family homes and condominiums presents distinctive challenges and opportunities.

The decrease in closed sales for $1 million+ single-family homes and the absence of closed sales for $1 million+ condominiums highlight specific market dynamics in the luxury segment. The notable surge in new listings and inventory for high-end single-family homes suggests increased opportunities and choices for luxury homebuyers. However, the absence of closed sales for high-end condominiums indicates a unique challenge or limited demand in this particular luxury segment. The net income migration, in this context, could be shaping the discerning preferences and decisionmaking processes of affluent individuals.

Overview The analysis suggests a nuanced landscape in Lakeland and Winter Haven, where real estate trends are intricately connected to the net income migration of $450.86 million. The interplay between these factors highlights shifting demand patterns, increased

choices

for

homebuyers,

preferences of affluent individuals.

and

the

discerning

STATE S NAP S H OT AVE RAGE SALE

930K

$

OPEN MARKE T E XPLORE FR AN CH I S E OPP ORTU N ITI ES

Lakeland • Winter Haven S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

43

20 2 3 N E T I N C O M E M I G R AT I O N

$550,320,000 L U X U RY M A R K E T

Martin County Located on Florida's picturesque Treasure Coast, the Martin County real estate market offers a unique blend of tropical charm and coastal sophistication. Boasting pristine beaches, vibrant communities, and a wealth of recreational opportunities, this hidden gem attracts homebuyers seeking a perfect balance between laid-back living and modern conveniences. With a diverse range of properties, from waterfront estates to charming downtown residences, Martin County beckons those in search of a dream home in a setting that seamlessly blends natural beauty with a thriving real estate market.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

44

360

56

590

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 0.3% Change

+ 154.5% Change

- 4.7% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

39

179

53

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 14.7% Change

+ 459.4% Change

+ 1.9% Change

YoY

YoY

YoY

45

Martin County

Single-Family Homes The marginal increase in closed sales for single-family homes, coupled with significant growth in median and average sale prices, reflects the evolving preferences of individuals relocating to Martin County. This trend suggests a demand for high-end properties, reflecting the changing housing needs of those making the move. The extended median may signify a deliberate decision-making process among newcomers, potentially influenced by lifestyle considerations and the desire for a more tailored home-buying experience.

The substantial expansion in inventory adds an interesting dimension, providing a more diverse array of housing options for those migrating to the area.

Condominiums In the condominium market, the slight decline in closed sales may be attributed to shifts in preferences among those moving to Martin County, perhaps favoring single-family residences or alternative housing options. However, the notable increases in median and average sale prices indicate a growing market for luxury condominium living, potentially attracting a specific demographic of new residents. The longer median aligns with the notion that individuals relocating to Martin County are engaging in a more thoughtful and deliberate exploration of available condominiums.

$1M+ Single-Family Homes Within the $1 million+ Single-Family Homes segment, the marginal increase in closed sales reflects the sustained appeal of high-end properties, appealing to those with a more substantial budget. However, the noteworthy surge in median

46

time to contract suggests a discerning approach among affluent individuals relocating to Martin County, emphasizing the importance of a comprehensive decision-making process.

The decline in new listings could be an outcome of limited availability, prompting prospective residents to explore existing options, while the increase in inventory offers an expanded range of choices for those seeking upscale housing.

$1M+ Condominiums In the $1 million+ condominium segment, the increase in closed sales and the significant rise in median time to contract underscore the specialized nature of this market, reflecting the careful consideration by high-net-worth individuals relocating to Martin County. Limited new listings may indicate exclusivity and a more measured approach to entering this niche market. The moderate increase in inventory suggests a balanced supply-and-demand scenario for luxury condominiums, catering to the preferences of those moving into the area.

Economic Influx Beyond the real estate figures, the net income migration of $550.32 million unveils a compelling economic story. This influx of income signals not only a growing real estate market but also underscores the broader economic appeal of Martin County. Individuals relocating to the area bring not just their preferences for homes but also contribute to the local economy, enhancing the overall vibrancy of this dynamic region. The analysis serves as a comprehensive guide for stakeholders, offering a holistic understanding of the real estate landscape and the socio-economic factors shaping migration patterns and opportunities in Martin County.

STATE S NAP S H OT AVE RAGE SALE

930K

$

STUART FR AN CH I S E OPP ORTU N ITI ES AVAI L AB LE

Martin County S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

47

20 2 3 N E T I N C O M E M I G R AT I O N

$7,380,000,000 L U X U RY M A R K E T

Miami • Dade County In the heart of South Florida, this tropical paradise is renowned for its luxurious waterfront properties, iconic architecture, and a diverse range of neighborhoods catering to every lifestyle. From the glittering skyline of Downtown Miami to the exclusive enclaves of Coral Gables and the trendy vibes of Wynwood, the Miami-Dade real estate market promises a tapestry of opportunities for those seeking a slice of the Sunshine State's distinctive and glamorous lifestyle.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

48

2,138

61

4,208

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 9.0% Change

+ 25.0% Change

- 7.7% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

1,708

90

3,939

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 31.2% Change

+ 30.4% Change

- 8.2% Change

YoY

YoY

YoY

49

Miami • Dade County

Modulation Amid Resilience The 14.0% decrease in closed sales for single-family homes in Miami-Dade County signifies a potential moderation in buyer activity or a shift in preferences. However, the resilient 9.1% increase in the median sale price to $550,000 indicates sustained property value appreciation, portraying a robust market. Despite the modest uptick in average sale price and a 10.3% increase in median days to sale, suggesting a more deliberate decisionmaking process, the 7.1% decrease in inventory may contribute to a sense of scarcity, potentially influencing future prices. Examining this against the substantial net income migration of $7.380 billion reveals the interplay between market dynamics and the movement of people with specific income levels, emphasizing the potential influence of affluent newcomers on demand, property values, and housing preferences.

Evolving Preferences and Pricing Dynamics The substantial 29.7% decline in closed sales for condominiums raises questions about evolving preferences or external factors affecting demand. Yet, the 5.5% increase in median sale price to $388,659 signals continued appreciation in condo values, potentially drawing a specific demographic of new residents. The 8.1% rise in median days to sale implies a more extended selling cycle, requiring sellers to adjust their expectations. However, the 15.4% increase in condo inventory could provide buyers with more options, impacting pricing dynamics in the market. Correlating these trends with the significant net income migration underscores the complex relationship between the movement of people and the evolving condominium market in Miami-Dade County.

Discerning Trends in Affluent Living In the realm of $1 million+ single-family homes, the 9.0% decrease in closed sales indicates a market where affluent buyers are

50

carefully considering their options. The significant 79.4% increase in the median time to contract highlights a meticulous approach among high-net-worth individuals relocating to Miami-Dade County. This prolonged decision-making process is indicative of a discerning

clientele,

emphasizing

the

importance

of

a

comprehensive evaluation before making a luxury home purchase.

Despite a decline in new listings, the 5.3% increase in inventory signals a broadened selection for those seeking upscale housing.

Navigating Challenges in Exclusive Living Within the $1 million+ condominium segment, the 31.2% decrease in closed sales suggests challenges or a specific trend in demand for luxury condos. The 30.4% increase in median time to contract for luxury condos may signify a measured and careful approach among high-net-worth individuals relocating to Miami-Dade County. This shift in the speed of decision-making reflects the unique considerations within the luxury condominium market. The modest increase in inventory, coupled with the decrease in new listings, underscores the specialized nature of this market.

A Comprehensive Perspective In summary, the analysis implies a real estate market undergoing adjustments, with variations in closed sales hinting at shifting demand patterns. The resilience in median sale prices across segments reflects overall stability and sustained property values.

However, the extended selling cycles and changes in inventory levels suggest a market in flux, requiring stakeholders to adapt strategies to the evolving conditions. The correlation with the net income migration of $7.380 billion provides valuable insights into how the movement of people, particularly those with higher incomes, contributes to the intricate dynamics of Miami-Dade County's real estate landscape.

LOCAL S NAP S H OT AVE RAGE SALE

3.29M

$

COCON UT G ROVE • MIAMI • SO UTH BE ACH

Miami • Dade County S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

51

20 2 3 N E T I N C O M E M I G R AT I O N

$4,031,000,000 L U X U RY M A R K E T

Naples • Immokalee • Marco Island Along the Gulf of Mexico, Collier County boasts a diverse range of properties, from waterfront estates with breathtaking views to charming inland neighborhoods filled with modern amenities. With its year-round sunshine and a thriving cultural scene, this Southwest Florida paradise offers not just homes, but a lifestyle that effortlessly blends relaxation and sophistication.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

52

1,799

52

3,097

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 4.2% Change

+ 100% Change

+ 0.3% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

907

49

1,469

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 2.8% Change

+ 188.2% Change

+ 22.3% Change

YoY

YoY

YoY

53

Naples • Immokalee • Marco Island C O L LI ER C O U N T Y

Nuanced Trends in Demand While there was a marginal decrease of 10.2% in closed sales for single-family homes, the noteworthy increase in both median and average sale prices suggests a nuanced demand, potentially driven by the influx of individuals with higher income levels. The 30.0% rise in median days to sale indicates a more deliberate approach to homebuying, correlating with a $4.031 billion net income migration to the region. This movement of significant wealth may be contributing to a demand for upscale properties, influencing property values, and emphasizing a trend of careful

increase in median time to contract. This signals a more intricate negotiation process among affluent buyers, possibly influenced by the characteristics of the upscale homes available. The surge in new listings (22.3%) and inventory (48.4%) underscores a growing market catering to affluent individuals, providing increased choices for those seeking upscale residences. The $4.031 billion net income migration aligns with these trends, emphasizing the potential influence of higher income levels on the luxury real estate market.

consideration among potential buyers.

Specialized Market Dynamics

Resilience Amidst Challenges

In the $1 million+ condominium segment, the 2.8% increase in

In the condominium market, the 15.5% decline in closed sales may be reflective of evolving preferences or external factors. However, the robust growth in median sale price (6.4%) and average sale price (8.1%) indicates sustained interest in higher-end units, potentially aligned with the increased net income migration. The 39.7% surge in median days to sale suggests a more thoughtful decision-making process. The 95.9% increase in inventory introduces a broader selection for potential buyers, signaling an impact on pricing dynamics as the market accommodates diverse housing preferences.

Affluence and Market Nuances Within the $1 million+ single-family homes segment, the 4.2%

54

decrease in closed sales is contrasted by a substantial 100.0%

closed sales, coupled with a notable 188.2% rise in median time to contract, suggests a specialized market catering to high-networth individuals. The limited new listings and moderate increase in inventory highlight exclusivity and a measured approach to entering this niche market.

Naples Adapting to Change Naples, buoyed by a substantial net income migration of $4,031,000,000, is experiencing shifts in real estate dynamics.

While the single-family home segment indicates stability, concerns over potential oversupply in both segments necessitate strategic considerations. The condominium market showcases resilience, and the $1M+ segment is navigating complexity.

STATE S NAP S H OT AVE RAGE SALE

930K

$

BONITA- ESTERO • OLDE NAPLES • MARCO I S L AND

Naples • Immokalee • Marco Island S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

55

20 2 3 N E T I N C O M E M I G R AT I O N

$328,410,000 L U X U RY M A R K E T

Ocala Where the vibrant pulse of Southern charm meets the allure of diverse landscapes. Nestled amidst the breathtaking beauty of rolling hills, pristine lakes, and lush greenery, Marion County's real estate market beckons with opportunities for those seeking a harmonious blend of nature and community. Discover the perfect home that seamlessly integrates the tranquility of rural living with the convenience of modern amenities, making Marion County a captivating destination for those looking to build their dreams in the heart of Florida.

56

S I N G L E FA M I LY H O M E S OV E R $ 1 M

141 C LO S E D S A L E S

+ 3.7% Change YoY

79 MEDIAN TIME TO CONTRACT

+ 54.9% Change YoY

313 NEW LISTINGS

+ 1.3% Change YoY

57

Ocala MARION COUNT Y

Flourishing Demand Amidst Adjustments In Ocala, the single-family home market showcases resilience and growth, driven by a 4.1% increase in closed sales. Despite a 5.75% decline in closed sales YoY, the median sale price demonstrated a 2.65% rise, reaching $283,513, while the average sale price increased by 1.70% to $334,676. The extended median days to sale, up by 51.30%, suggest a more thoughtful decision-making process among buyers, possibly influenced by the city's attractive net income migration of $328.41 million.

The substantial 47.70% increase in inventory aligns with Ocala's appeal, providing more choices for potential residents. This influx, reflected in the net income migration, may contribute to the market's upward trajectory in terms of property values.

Condominiums Adaptive Dynamics Contrastingly, Ocala's condominium market experienced a 12.32% decrease in closed sales, reflecting potential shifts in buyer preferences or adjustments in market dynamics.

However, the median sale price saw a significant 10.71% increase, reaching $204,950, and the average sale price surged by 13.85% to $222,699. The 96.92% increase in condo

58

inventory introduces a multitude of choices, potentially influencing pricing dynamics and catering to diverse needs, driven by the city's net income migration.

Stability Amidst Intricacies The luxury market maintains stabile. Although there was a 3.80% decline in closed sales for $1 million+ single-family homes, the segment exhibits a robust market with a significant 54.9% increase in median time to contract. The decrease in new listings by 21.98% suggests a balanced and exclusive approach in this luxury category, possibly attracting discerning buyers influenced

by Ocala's economic growth.

Net Income Migration Influence Ocala's real estate market's buoyancy is intricately linked with its net income migration of $328.41 million. The city's appeal to newcomers seeking opportunities and a change in lifestyle is evident in the nuanced trends observed across property types.

The increased inventory, coupled with rising property values, reflects a market dynamically shaped by the diverse economic backgrounds of those moving to Ocala.

STATE S NAP S H OT AVE RAGE SALE

930K

$

OCAL A

Ocala S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

59

20 2 3 N E T I N C O M E M I G R AT I O N

$1,004,000,000 L U X U RY M A R K E T

Orlando • Kissimmee • Sanford Welcome to the heart of Central Florida, where the real estate market offers a tapestry of opportunities and lifestyles. Nestled amid picturesque landscapes and vibrant communities, these counties boast a diverse range of properties, from serene lakeside retreats to modern urban dwellings. Whether you're seeking a suburban haven, cultural hub, or waterfront escape, this region welcomes you to explore a dynamic and flourishing real estate market that harmonizes with the unique charm of each county.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

60

1,584

24

2,475

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 4.6% Change

+ 41.2% Change

+ 5.2% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

47

29

64

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 42.4% Change

+ 141.7% Change

+ 10.3% Change

YoY

YoY

YoY

61

Orlando • Kissimmee • Sanford L A K E , O R A N G E , O S C EO L A , A N D S EM I N O L E C O U NT I ES

Navigating a Thoughtful Market Orlando's single-family home market presents a nuanced scenario with a 12.9% decline in closed sales, allowing for a more contemplative decision-making process. Despite this, the 3.3% growth in median sale price and a 5.3% increase in average sale price underscore the robust appreciation of home values, portraying the market's resilience. This dip in transactions may offer buyers an opportunity to deliberate on their choices.

However, the market's value appreciation signals continued demand for quality homes.

Delicate Balancing Act In the condominium segment, the 16.7% decrease in closed sales suggests a potential shift in buyer preferences or market dynamics.

However, the substantial 12.1% growth in median sale price and an 8.3% increase in average sale price indicate that, despite a reduction in transactions, the demand for condos at higher price points remains strong. The extended median days to sale (indicating a 58.7% increase) and a significant 58.7% rise in inventory imply a more deliberate and competitive condominium market. Buyers and sellers alike should navigate this nuanced landscape where value appreciation and increased inventory interplay.

Expanding Opportunities for Affluence In the luxury real estate market, represented by $1 million+ singlefamily homes, a modest 4.6% increase in closed sales reflects a resilient high-end segment. The substantial 41.2% rise in median time to contract suggests that high-value transactions may involve intricate negotiations or scrutiny. The concurrent growth in new listings and inventory levels indicates an expanding luxury housing

62

market, providing affluent buyers with a diverse array of options.

This evolving landscape presents opportunities for both buyers seeking exclusive properties and sellers aiming to capitalize on the sustained demand.

Navigating Specific Trends Conversely, $1 million+ condominiums witnessed a notable 42.4% decline in closed sales, indicating a specific trend in this luxury segment. The 141.7% increase in median time to contract suggests a potentially more complex negotiation process. However, the growth in new listings and inventory levels signals ongoing interest and options for luxury condominium buyers. Navigating this specific trend requires a strategic approach, acknowledging both the challenges and opportunities inherent in the luxury condo market.

Market Dynamics and Net Income Migration Orlando's real estate market showcases both resilience and appreciation in property values, particularly within luxury segments. Despite a decline in closed sales, the simultaneous growth in median and average sale prices underscores the market's underlying strength. The city's substantial net income migration, standing at $1.004 billion, adds a distinctive layer to its dynamics. This influx of income, driven by individuals seeking new opportunities and lifestyles, intricately intertwines with the city's economic growth. As people move to Orlando, the real estate landscape becomes a reflection of the city's economic vibrancy, contributing to sustained demand and increasing property values.

Navigating this dynamic landscape requires a strategic and comprehensive understanding of the factors shaping Orlando's real estate future.

STATE S NAP S H OT AVE RAGE SALE

930K

$

CLERMONT • O R L A N D O D R . P H I L L I P S FR AN CH I S E OPP ORTU N ITI ES AVAI L AB LE

Orlando • Kissimmee • Sanford S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

63

20 2 3 N E T I N C O M E M I G R AT I O N

$591,480,000 L U X U RY M A R K E T

Palm Bay • Melbourne • Titusville Where sun-kissed beaches meet technological innovation, creating a unique and thriving housing market. Nestled along the picturesque Space Coast, this region boasts a diverse range of properties, from charming waterfront homes to modern urban residences, making it an enticing destination for both seasoned investors and those seeking their dream home. With a perfect blend of natural beauty and economic opportunity, Brevard County stands as a prime location for those looking to make a wise investment in real estate.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

64

318

35

504

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 4.6% Change

+ 7.4% Change

+ 3.1% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

63

30

156

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 16.7% Change

+ 30.4% Change

+ 33.3% Change

YoY

YoY

YoY

65

Palm Bay • Melbourne • Titusville B R E VA R D C O U N T Y

Navigating Changes in Residential Preferences The 8.9% decrease in closed sales for single-family homes indicates a potential moderation in buyer activity, fostering a market environment conducive to more thoughtful decisionmaking. Despite this, a marginal increase in the median sale price suggests a balanced pricing structure, reflecting stability in the residential market. The notable rise in average sale prices and extended median days to sale signify a nuanced interplay between evolving buyer preferences and the decision-making process.

Meanwhile, a substantial 25.4% increase in inventory introduces a broader array of housing options, potentially shaping the choices of those considering a move.

Analyzing Trends in Condo Living In the condominium market, the 11.4% decrease in closed sales prompts considerations of evolving preferences among those relocating to Brevard County, potentially favoring single-family residences or alternative housing options. Despite this decline, notable increases in median and average sale prices point towards a growing market for luxury condominium living, attracting a specific demographic of new residents. The prolonged median days to sale align with the notion that individuals relocating to Brevard County are engaging in a more thoughtful exploration of available condominiums. With a substantial 56.3% surge in condo inventory, prospective buyers have a wider selection, influencing pricing dynamics and market competitiveness.

Catering to Affluent Relocations Within the $1 million+ Single-Family Homes segment, the 8.9% decrease in closed sales indicates a discerning market among

66

affluent buyers, possibly influenced by specific property features or lifestyle considerations. The 75.0% increase in median time to contract suggests a more intricate negotiation process for highend properties. Despite the moderate increase in new listings, the rise in inventory by 12.8% provides expanded choices for those seeking upscale housing, reflecting the dynamic nature of the luxury real estate market.

Conversely, the absence of closed sales for $1 million+ condominiums may indicate a unique challenge or limited demand in this specific luxury segment. The drastic decrease in median time to contract for luxury condos may be influenced by factors such as exclusivity or the need for swift decision-making. The limited new listings and substantial 131.7% surge in inventory highlight a potential area of adjustment or specialization within the luxury condominium market.

Interplay with Net Income Migration Beyond the real estate figures, the net income migration of $591.48 million unfolds a compelling economic story, showcasing the broader appeal of Brevard County. Individuals relocating to the area not only bring preferences for homes but also contribute to the local economy, enhancing the overall vibrancy of this dynamic region. The analysis serves as a comprehensive guide for stakeholders, offering a holistic understanding of the real estate landscape and the socio-economic factors shaping migration patterns and opportunities in Brevard County.

STATE S NAP S H OT AVE RAGE SALE

930K

$

M ELBO U RNE CENTR AL • MELBOU RNE B E AC H S I D E

Palm Bay • Melbourne • Titusville S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

67

20 2 3 N E T I N C O M E M I G R AT I O N

$7,201,000,000 L U X U RY M A R K E T

Palm Beach County Welcome to the sun-kissed paradise of Palm Beach County, Florida, where the real estate market seamlessly blends luxury living with coastal charm. Nestled along the glittering shores of the Atlantic Ocean, this sought-after locale boasts an array of upscale properties, from opulent waterfront estates to sophisticated urban residences.

With its vibrant cultural scene, pristine beaches, and world-class amenities, Palm Beach County stands as a captivating destination for those seeking a lifestyle of unparalleled elegance and tropical allure in the heart of South Florida.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

68

2,936

45

5,301

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 0.1% Change

+ 114.3% Change

+ 0.8% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

956

48

1,822

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 3.2% Change

+ 118.2% Change

+ 5.8% Change

YoY

YoY

YoY

69

Palm Beach County

Single-Family Homes Dynamics The 8.3% decrease in closed sales for single-family homes in Palm Beach County suggests a potential moderation in buyer activity.

However, the 4.6% increase in the median sale price and the 2.7% uptick in the average sale price reflect a market where property values are appreciating. This trend may be influenced by the net income migration of $7.201 billion, indicating a substantial influx of individuals with specific income levels. The prolonged median days to sale, up by 25.0%, implies a more thoughtful decision-making process among newcomers. The significant 13.2% rise in inventory provides a diverse array of housing options, aligning with the evolving preferences of those relocating to Palm Beach County.

Navigating New Residential Preferences In the condominium market, the 12.7% decline in closed sales may indicate shifts in preferences among individuals moving to Palm Beach County. However, the 6.9% increase in the median sale price and the 8.8% rise in the average sale price suggest a growing market for luxury condominium living. The 41.0% surge in inventory aligns with the net income migration, indicating a broader selection for prospective buyers with varying income levels. The 37.5% increase in median days to sale implies a more extended decision-making process, reflecting a deliberate exploration of available condominiums by those relocating to the area.

Affluent Relocations and Decision-Making Within the $1 million+ Single-Family Homes segment, the marginal 0.1% increase in closed sales reflects the sustained appeal of highend properties in Palm Beach County. The substantial 31.0% surge in inventory, influenced by the $7.201 billion net income migration, offers an expanded range of choices for those seeking upscale

70

housing. However, the notable 114.3% increase in median time to contract suggests a discerning approach among affluent individuals, emphasizing the importance of a comprehensive decision-making process. The modest 0.8% rise in new listings may indicate limited availability, prompting prospective residents to explore existing options.

Specialized Dynamics for High-Net-Worth Residents In the $1 million+ condominium segment, the 3.2% decline in closed sales and the significant 42.4% rise in inventory underscore the specialized nature of this market. This reflects the careful consideration given by high-net-worth individuals relocating to Palm Beach County. The notable 118.2% increase in median time to contract may indicate exclusivity and a more measured approach to entering this niche market. The 5.8% rise in new listings aligns with the overall growth in net income migration, suggesting a balanced supply-and-demand scenario for luxury condominiums catering to the preferences of those moving into the area.

Economic Influx Beyond the real estate figures, the net income migration of $7.201 billion unveils a compelling economic story. This influx of income signals not only a growing real estate market but also underscores the broader economic appeal of Palm Beach County. Individuals relocating to the area bring not just their preferences for homes but also contribute to the local economy, enhancing the overall vibrancy of this dynamic region. The analysis serves as a comprehensive guide for stakeholders, offering a holistic understanding of the real estate landscape and the socioeconomic factors shaping migration patterns and opportunities in Palm Beach County.

LOCAL S NAP S H OT AVE RAGE SALE

1.40M

$

BOCA R ATON • DELR AY BE ACH • J U PITER • WELLI NGTON FR AN CH I S E OPP ORTU N ITI ES AVAI L AB LE

Palm Beach County S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

71

20 2 3 N E T I N C O M E M I G R AT I O N

$11,857,000 L U X U RY M A R K E T

Pensacola • Ferry Pass • Brent Discover the allure of Escambia and Santa Rosa counties in Florida, where the real estate market seamlessly blends coastal charm with suburban tranquility. Nestled along the Gulf of Mexico, these counties boast pristine beaches, vibrant communities, and a diverse range of properties catering to every lifestyle. Whether you're seeking waterfront elegance, family-friendly neighborhoods, or rural retreats, the real estate landscape here promises a unique blend of Florida's natural beauty and modern amenities.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

72

168

53

317

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 16.4% Change

+ 112.0% Change

- 3.6% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

106

28

148

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 34.2% Change

+ 115.4% Change

+ 5.7% Change

YoY

YoY

YoY

73

Pensacola • Ferry Pass • Brent ES CA M B I A A N D SA N TA RO SA C O U N T I ES

Shift in Demand and Market Preferences

Fluctuations in $1M+ Single-Family Homes

The real estate landscape in Escambia and Santa Rosa counties

The increase in median time to contract for $1 million in single-

witnessed a notable 17.8% decrease in closed sales for single-

family homes, up by 112.0%, implies a more intricate negotiation

family homes from year-end 2022 to year-end 2023. This

process for high-value properties. The surge in new listings and

decline may signify a shift in demand or market preferences.

inventory by 36.2% and 15.6%, respectively, suggests increased

Interestingly, despite the decrease in closed sales, the median

opportunities and choices for luxury homebuyers. Conversely,

sale price remained relatively stable, showing only a marginal

$1 million+ condominiums saw a notable 34.2% increase in

decrease of 0.3%. The average sale price even experienced a

closed sales, accompanied by a substantial 115.4% surge in

slight increase of 0.5%, suggesting resilience in property

median time to contract, indicating a more measured approach

values. However, the extended median days to sale by 36.7%

by high-net-worth individuals. The limited new listings and

indicates a longer selling process, potentially influenced by the

moderate increase in inventory suggest a balanced supply-and-

nuanced decisions of newcomers. The surge in inventory by

demand scenario in this specialized market.

12.6% introduces an element of increased choice for prospective buyers.

Navigating Preferences Amid Inventory Surge

The net income migration of $118.57 million is a vital factor shaping these real estate trends. The decline in closed sales,

In the condominium market, there was a substantial 20.4%

especially in the condominium market, may reflect the cautious

decrease in closed sales, indicating a potential shift in

approach of individuals with specific income levels. The

preferences or external factors affecting demand. Despite this,

stability in median and average sale prices across segments

both median and average sale prices experienced notable

suggests that those moving with higher incomes are

increases, signaling a sustained appreciation in condo values.

contributing to the market's resilience. The increased inventory

The 80.4% surge in inventory stands out, providing a significant

levels could be influenced by the influx of individuals, providing

boost in available options for interested buyers. The increased

a diverse range of housing options. The extended median days

median days to sale, up by 30.5%, suggests a more thoughtful

to sale, particularly in single-family homes, may align with

approach to condominium purchases, potentially influenced by

newcomers taking their time to make informed decisions.

lifestyle considerations.

74

Correlation with Net Income Migration

STATE S NAP S H OT AVE RAGE SALE

930K

$

PENSACOL A

Pensacola • Ferry Pass • Brent S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

75

20 2 3 N E T I N C O M E M I G R AT I O N

$452,510,000 L U X U RY M A R K E T

Punta Gorda Welcome to Charlotte County, where the allure of pristine beaches, vibrant communities, and a relaxed coastal lifestyle converges with a flourishing real estate market. Nestled along Florida's Gulf Coast, this hidden gem boasts a diverse range of properties, from waterfront estates offering breathtaking sunset views to charming homes in quaint neighborhoods. With a robust economy, excellent schools, and a plethora of outdoor recreational opportunities, Charlotte County stands as an enticing destination for those seeking not just a home, but a vibrant and fulfilling way of life.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

76

169

33

443

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 29.3% Change

+ 37.5% Change

+ 17.2% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

59

103

121

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 80.0% Change

- 53.3% Change

+ 48.0% Change

YoY

YoY

YoY

77

Punta Gorda C H A R LOT T E C O U N T Y

A Measured Market Pace

Discerning Choices and Growing Options

The 5.0% decrease in closed sales for single-family homes in

Within the $1 million+ Single-Family Homes segment, the 29.3%

Punta Gorda indicates a moderate slowdown in buyer activity.

decrease in closed sales suggests a discerning market among

However, the decline in closed sales is counterbalanced by a

affluent buyers. The 117.4% increase in inventory and 37.5% rise in

128.5% surge in inventory, suggesting a potentially robust market

median time to contract indicate a more intricate negotiation

with diverse housing options. The 3.6% decrease in median sale

process for high-end properties. The surge in new listings by 17.2%

price and 5.4% drop in average sale price may signify adjustments

and the notable inventory growth underscore increased

in property values. The increased median days to sale by 50.0%

opportunities and choices for luxury homebuyers. In the $1 million+

hints at a more deliberate decision-making process among buyers.

Condominiums segment, the 80.0% increase in closed sales

Correlating with a net income migration of $452.51 million, this

contrasts with a 225.0% surge in inventory, showcasing a specialized

trend might reflect the evolving preferences of newcomers,

market where the affluent may find limited but exclusive options.

possibly influenced by a diverse range of income levels.

The 53.3% decrease in median time to contract may suggest swift

Resilience Amidst Softened Demand In the condominium market, the 11.8% decline in closed sales could

Influencing Demand and Preferences

be indicative of changing preferences among individuals moving

The net income migration of $452.51 million intertwines with the

to Punta Gorda. However, the significant 216.7% increase in

real estate trends in Punta Gorda. The increased inventory levels

inventory suggests a growing market for condominiums, offering

across property types may be attributed to the influx of income,

more choices to potential buyers. The 7.0% increase in median

providing a more diverse array of housing options for those

sale price and the 5.2% dip in average sale price might indicate a

relocating. The changes in median sale prices, average sale prices,

shift towards higher-end condominium living, potentially

and the extended median days to sale could be indicative of a

influenced by the net income migration of $452.51 million. The

market dynamically shaped by the diverse economic backgrounds

54.2% rise in median days to sale indicates a more thoughtful

of individuals contributing to the net income migration.

exploration of available condominiums, aligning with the nuanced dynamics of income migration.

78

decision-making among high-net-worth individuals.

STATE S NAP S H OT AVE RAGE SALE

930K

$

PU NTA GORDA

Punta Gorda S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

79

20 2 3 N E T I N C O M E M I G R AT I O N

$659,570,000 L U X U RY M A R K E T

Sebastian • Vero Beach Welcome to the enchanting world of Indian River County, FL, where the real estate market seamlessly blends coastal charm with a rich tapestry of natural beauty. Nestled along the picturesque Treasure Coast, this vibrant community offers an array of waterfront properties, lush landscapes, and a diverse range of homes that cater to every lifestyle. With its inviting atmosphere and a thriving real estate market, Indian River County beckons those seeking a harmonious blend of luxury living and the tranquility of Florida's stunning landscapes.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

80

261

65

479

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 7.4% Change

+ 140.7% Change

+ 5.7% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

89

58

177

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 56.1% Change

+ 241.2% Change

+ 90.3% Change

YoY

YoY

YoY

81

Sebastian • Vero Beach I N D I A N R IVER C O U N T Y

Shifting Dynamics and Thoughtful Decision-Making The 13.6% decline in closed sales for single-family homes in Sebastian and Vero Beach hints at a potential shift towards a more balanced market. This decline suggests that buyers may find increased opportunities for thoughtful decision-making. Despite this dip in transactions, the 5.3% increase in the median sale price indicates sustained demand, pointing towards the likelihood of property value appreciation. Limited inventory and heightened buyer interest could be key drivers in maintaining the robustness of the single-family home market, attracting individuals moving into the area.

market in Sebastian and Vero Beach paints a different narrative. A notable 14.9% increase in closed sales, coupled with a 21.3% uptick in the median sale price, suggests a growing preference for communal living spaces. This trend may indicate an increased more

affordable

housing

options,

making

condominiums an attractive choice for investors and buyers.

Individuals moving into the region may find this segment particularly appealing due to the potential appreciation in property values and the community-oriented lifestyle it offers.

Discerning Choices and Affluent Relocations Within the $1 million+ single-family homes segment, the 7.4% increase in closed sales indicates a discerning market among affluent buyers. The significant 140.7% surge in median time to contract may suggest a more intricate negotiation process for high-end properties, aligning with the idea that residents with higher incomes take their time in making such substantial investments. The 36.8% increase in inventory offers an expanded

82

The correlation with a net income migration of 659.57 million suggests that the area's appeal to high-income individuals continues to shape the dynamics of the luxury housing market.

Niche Market Dynamics and Swift Decision-Making In the $1 million+ condominium segment, the noteworthy 56.1% increase in closed sales indicates a specialized market dynamic, possibly appealing to high-net-worth individuals. The substantial 241.2% surge in median time to contract suggests consideration often associated with luxury condominiums. The moderate

Contrasting with the single-family home market, the condominium

for

potentially growing preference for luxurious living in the region.

and swift decision-making process, aligning with the exclusivity

Growing Preference for Communal Living

demand

range of choices for those seeking upscale housing, indicating a

162.2% increase in inventory may signify a balanced supply and demand scenario for luxury condos, catering to the preferences of those with higher incomes. The correlation with a net income migration of 659.57 million implies that the luxury condominium market is influenced by the influx of high-net-worth residents, contributing to the area's economic prosperity.

Economic Influx Beyond real estate figures, the net income migration of $659.57 million into Vero Beach signifies a compelling economic story.

This influx of income not only indicates a growing real estate market but also underscores the broader economic appeal of Vero Beach. Individuals moving to Vero Beach bring not only their preferences for homes but also contribute significantly to the local economy, enriching the overall community and creating a vibrant atmosphere. This economic narrative further enhances the opportunities and challenges present across different real estate segments in Sebastian and Vero Beach.

STATE S NAP S H OT AVE RAGE SALE

930K

$

VERO BE ACH

Sebastian • Vero Beach S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

83

20 2 3 N E T I N C O M E M I G R AT I O N

$285,960,000 L U X U RY M A R K E T

St. Lucie County As the heart of the Treasure Coast, this region boasts a thriving real estate market that seamlessly marries modern luxury with a laid-back coastal lifestyle. From charming waterfront homes to upscale urban developments, Martin and St. Lucie counties stand as a testament to Florida's irresistible allure for both homebuyers and investors alike.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

84

438

55

807

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

- 139.1% Change

+ 139.1% Change

- 8.5% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

59

103

121

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 5.4% Change

+ 472.2% Change

+ 27.4% Change

YoY

YoY

YoY

85

St. Lucie County

Shifting Preferences and Economic Impact The real estate landscape in Port St. Lucie, encompassing Martin and St. Lucie counties, reveals intriguing trends in the singlefamily home market. Despite a slight decline in closed sales by 10.4%, there is a notable 2.5% increase in the median sale price, indicating shifting buyer preferences towards higher-value properties. The average sale price also experienced a significant 4.5% uptick, underscoring the overall appreciation in property values. The extended median days to sale, up by 30.0%, suggest a more deliberate decision-making process among buyers, possibly influenced by the diverse economic backgrounds of those relocating to the area. Moreover, the 5.2% rise in inventory provides a broader array of housing options, accommodating the varied demands of newcomers.

in median time to contract reveals a more intricate negotiation process among high-net-worth individuals, emphasizing the need for comprehensive decision-making. The 6.0% growth in inventory offers expanded choices for those seeking upscale housing, potentially attracting affluent residents with diverse preferences.

Specialized Dynamics and Exclusive Considerations In contrast, the $1 million+ condominium segment showcases a unique set of challenges and opportunities. While closed sales experienced a moderate 5.4% increase, the staggering 472.2% rise in median time to contract suggests a highly specialized market with discerning buyers. Limited new listings (27.4%) and a 65.0% surge in inventory indicate exclusivity and careful consideration within the luxury condominium market, providing affluent individuals with a

Navigating Preferences Amid Inventory Surge

curated selection of high-end living spaces.

In the condominium market, the 8.1% decrease in closed sales

Economic Influx

prompts consideration of evolving preferences or external factors affecting demand. Despite this, the median sale price shows a positive trajectory with a 7.1% increase, signaling sustained appreciation in condo values. The average sale price also exhibits a notable 5.2% growth, further emphasizing the demand for higher-end units. The significant 72.9% surge in inventory, however, introduces the potential for a more competitive market, allowing prospective buyers to explore a diverse range of condo options. The median days to sale increasing by 51.9% implies a more extended decision-making process, requiring careful negotiation, especially in this segment.

Nuanced Trends in Affluent Housing Delving into the $1 million+ segment for single-family homes, the marginal 0.7% increase in closed sales indicates a stable market

86

catering to affluent buyers. However, the substantial 139.1% surge

Beyond the real estate figures, the net income migration of $285.96 million plays a pivotal role in shaping Port St. Lucie's economic landscape. This influx not only indicates a growing real estate market but also underscores the broader economic appeal of the area. Individuals relocating to Port St. Lucie bring their preferences for homes, contributing to the local economy and enhancing the overall vibrancy of this dynamic region. The analysis serves as a comprehensive guide for stakeholders, offering insights into the interplay between net income migration and real estate trends, contributing to a holistic understanding of the socio-economic

factors

shaping

opportunities in Port St. Lucie.

migration

patterns

and

STATE S NAP S H OT AVE RAGE SALE

930K

$

H UTCHINSON IS L AND

St. Lucie County S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

87

20 2 3 N E T I N C O M E M I G R AT I O N

$19,980,000 L U X U RY M A R K E T

Tallahassee Where Southern charm meets modern opportunities. Nestled amidst lush landscapes and historical richness, these counties offer a diverse range of properties, from charming historic homes to contemporary residences. With a thriving economy, cultural attractions, and a desirable climate, these counties present an enticing tapestry for those seeking a place to call home or invest in the flourishing Florida real estate market.

88

S I N G L E FA M I LY H O M E S OV E R $ 1 M

69 C LO S E D S A L E S

+ 35.3% Change YoY

35 MEDIAN TIME TO CONTRACT

+ 52.2% Change YoY

90 NEW LISTINGS

+ 3.4% Change YoY

89

Tallahassee G A D S D EN , J EF F ERS O N , L EO N , A N D WA KU L L A C O U N T I ES

Closed Sales Decline Amid Moderation The Tallahassee real estate market for single-family homes witnessed a notable 16.5% decrease in closed sales from year-end 2022 to year-end 2023. This decline may indicate a moderation in buyer activity, potentially influenced by external factors or shifting preferences. Despite the dip in closed sales, there was a positive 4.3% increase in the median sale price, reflecting continued appreciation in property values. The average sale price also experienced robust 7.1% growth, indicating a healthy market.

However, the increased median days to sale by 18.9% suggests a more deliberate decision-making process among buyers. The rise in inventory by 14.4% may contribute to a balanced market, providing prospective buyers with more options.

Condominium Market Dynamics In the condominium market, there was a substantial 26.7% decline in closed sales, raising questions about evolving preferences or potential external factors affecting demand. Despite this, both median and average sale prices experienced positive growth of 17.0% and 14.9%, respectively. This indicates sustained demand for higher-end condo units, potentially attracting a specific demographic of new residents. The median days to sale increased marginally by 4.9%, signaling a slightly extended selling cycle for condominiums. The significant 12.9% increase in inventory suggests a broader selection for prospective buyers, potentially impacting pricing dynamics in the condo market.

Limited Inventory Availability Within the $1 million+ segment for single-family homes, there was

90

a notable 35.3% increase in closed sales, pointing to a discerning market among affluent buyers. The 23.3% decrease in inventory may signify a limited availability of high-end properties, prompting prospective residents to explore existing options. The $1 million+ condominium segment did not register closed sales during the analyzed period, indicating unique challenges or limited demand in this particular luxury market.

Correlation with Net Income Migration The net income migration of $19.98 million adds an intriguing layer to these real estate trends. The positive growth in median and average sale prices, especially in the condominium market, may be correlated with the influx of individuals with specific income levels. The increased inventory levels across property types align with a potential diversification in the population, catering to various housing preferences. The sustained demand in the $1M+ segment, coupled with decreased inventory, may suggest an exclusive market niche that attracts individuals contributing to the positive net income migration. In summary, the real estate landscape in Tallahassee reflects a nuanced interplay between market trends and the movement of people. The positive correlation with net income migration indicates that the real estate market is not only shaped by economic factors but also by the preferences and demographics of those relocating to the area.

Stakeholders should consider these dynamics when formulating strategies in response to the evolving market conditions.

STATE S NAP S H OT AVE RAGE SALE

930K

$

TALL AHAS S EE

Tallahassee S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

91

20 2 3 N E T I N C O M E M I G R AT I O N

$2,800,000,000 L U X U RY M A R K E T

Tampa • St. Petersburg • Clearwater From the charming historic homes of Hernando to the vibrant urban landscape of Hillsborough, each county boasts its own unique flavor, making the region a diverse and enticing hub for potential homeowners.

With a combination of scenic waterfront properties, thriving communities, and a sun-soaked lifestyle, these counties beckon both investors and families alike to explore the dynamic and flourishing real estate market in this sun-kissed corner of the Sunshine State.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

92

2,315

32

3,547

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 7.4% Change

+ 140.7% Change

+ 5.7% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

771

8

1,345

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 34.6% Change

+ 14.3% Change

+ 34.5% Change

YoY

YoY

YoY

93

Tampa • St. Petersburg • Clearwater H ER NA N D O, H I L L S B O RO U G H , PAS C O, A N D PI N EL L AS C O U N T I ES

A Closer Look at Tampa Bay

contrasting trend with an 11.6% growth in closed sales showcases

The 11.2% decline in closed sales for single-family homes suggests

continued demand for upscale properties in the Tampa Bay

a moderation in transactional activity in the Tampa Bay area,

market,

potentially providing buyers with more thoughtful decision-

relocating to the area. The 128.6% increase in median time to

making opportunities as individuals consider their moves to the

contract indicates potentially more deliberation in high-end

region. Despite this, the 1.3% increase in the median sale price

transactions, reflecting the intricacies of negotiations in the

signifies steady appreciation in home values, indicating a resilient

luxury real estate market that might be particularly appealing to

and stable market that might attract newcomers. The 4.9% rise in

those seeking prestigious homes. The 19.1% rise in inventory for

the average sale price further underscores the overall health of

luxury single-family homes contributes to a diverse and vibrant

the market, reflecting sustained demand and value appreciation.

market for affluent buyers considering a move to Tampa Bay.

potentially

attracting

high-net-worth

individuals

The 36.7% increase in median days to sale hints at a slightly longer time on the market, potentially allowing individuals relocating to

Similarly, $1 million+ condominiums experienced a robust 34.6%

Tampa Bay more time to explore their housing options.

increase in closed sales, signifying strong demand in the luxury

Simultaneously, the 2.6% uptick in inventory contributes to a more

condo market for individuals seeking upscale living. The 14.3%

balanced and diverse market for prospective buyers, catering to

rise in the median time to contract suggests a measured approach

the preferences of those making the move.

to high-end condominium purchases, highlighting the complexity

Navigating the Tampa Bay Lifestyle

a move to the area. The substantial 54.9% increase in luxury condo

In the condominium segment, the 6.5% decrease in closed sales

inventory enhances the choices available for affluent buyers

indicates a marginal decline in demand for condo living in the

looking to relocate.

Tampa Bay area. However, the 5.8% increase in the median sale price highlights robust appreciation in condo values, portraying a

Economic Attraction

sector still experiencing growth and potentially attracting

The market analysis implies that while there may be a moderation

individuals seeking luxury living. The notable 9.1% increase in the

in certain segments, the Tampa Bay real estate market remains

average sale price further emphasizes the strong performance of

resilient and dynamic. The appreciation in median sale prices

the condo market, potentially appealing to those looking for

across various property types underscores the overall strength

upscale residences in the region. The 44.7% rise in median days to

and value appreciation, potentially making the region attractive

sale suggests a longer time on the market for condos, providing

for those considering a move. Increased inventory levels indicate

individuals relocating to Tampa Bay with a more thoughtful

a healthy and diverse market, providing buyers, including

approach to their condominium purchases. Simultaneously, the

individuals relocating to Tampa Bay, with expanded options. The

substantial 46.7% increase in condo inventory provides buyers,

luxury market, in particular, exhibits notable growth, reinforcing

especially those moving to the area, with an expanded range of

sustained demand for high-end properties in the region. The

options to consider.

substantial net income migration of $2.80 billion further

Upscale Living Turning to the $1 million+ single-family homes segment, the

94

of luxury real estate transactions, especially for those considering

emphasizes the economic appeal and potential opportunities Tampa Bay holds for those contemplating a relocation.

LOCAL S NAP S H OT AVE RAGE SALE

582K

$

BELLE AIR • MADEIR A BE ACH • ST. PE TE • ST. PE TE BE ACH SOUTH TAMPA • TAMPA DOWNTOWN • TRINIT Y

Tampa • St. Petersburg • Clearwater S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

95

20 2 3 N E T I N C O M E M I G R AT I O N

$3,851,000,000 L U X U RY M A R K E T

Venice • Sarasota • Bradenton Discover the enchanting real estate opportunities in Manatee and Sarasota counties, Florida. With their sun-drenched beaches, cultural vibrancy, and diverse housing options, these Gulf Coast gems are perfect for those seeking an idyllic lifestyle and sound property investments. Whether it's the historic charm of Bradenton or the sophisticated allure of Sarasota, these coastal communities seamlessly blend Florida living with a thriving real estate market.

S I N G L E FA M I LY H O M E S OV E R $ 1 M

96

1,844

26

3,148

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 8.9% Change

+ 116.7% Change

+ 15.4% Change

YoY

YoY

YoY

C O N D O M I N I U M S OV E R $ 1 M

670

16

1,072

C LO S E D S A L E S

MEDIAN TIME TO CONTRACT

NEW LISTINGS

+ 24.8% Change

+ 23.1% Change

+ 25.5% Change

YoY

YoY

YoY

97

Venice • Sarasota • Bradenton M A N AT EE A N D SA R AS OTA C O U NT I ES

Stability Amidst Diversity The real estate landscape in Venice, Sarasota, and Bradenton, encompassing Manatee and Sarasota counties, witnessed a slight increase in closed sales for single-family homes, rising by 1.2% from Year-End 2022 to Year-End 2023. This growth is notably modest, and the correlation with the net income migration of $3.851 billion suggests a nuanced interplay. The median sale price saw a 0.9% uptick, reaching $510,000, possibly influenced by the influx of residents with higher income levels. However, the considerable surge in inventory by 40.9% indicates challenges related to oversupply, urging sellers to strategically navigate pricing dynamics in response to shifting demand and property values.

Adapting Condo Market Examining the condominium market, the 4.3% decrease in closed sales contrasts with the upward trajectory of net income migration.

The median sale price increased by 4.1%, reaching $385,000, potentially reflecting sustained demand for higher-end units.

However, the substantial surge in condo inventory by 96.6% raises questions about market saturation and potential impacts on pricing dynamics. The interplay between net income migration and these condo market dynamics underscores the need for strategic positioning to attract buyers in a competitive environment where choices abound.

Affluent Market Dynamics The $1M+ segment for single-family homes in this region experienced an 8.9% increase in closed sales, indicating a robust market for affluent relocations. The median time to contract, however, surged by 116.7%, suggesting a more intricate and possibly prolonged decision-making process among high-net-

98

worth individuals. New listings saw a healthy 15.4% increase, pointing to continued interest in upscale properties. The inventory surge by 51.9% provides a broader range of choices for luxury homebuyers, aligning with the positive net income migration of $3.851 billion. This segment presents unique opportunities for sellers to cater to the demands of affluent individuals seeking high-end residences.

Specialized Market Nuances In the $1M+ condominium segment, the real estate trends are equally interesting. Closed sales experienced a substantial 24.8% growth, indicating specific appeal to high-net-worth individuals seeking luxurious condo living. The median time to contract increased by 23.1%, suggesting careful consideration and possibly exclusive decision-making processes in this niche market. New listings saw a commendable 25.5% surge, showcasing sustained interest and demand for upscale condominiums. However, the inventory surge by 88.7% signals an ample selection for prospective buyers, reflecting the positive net income migration.

While the market exhibits growth, stakeholders must navigate the balance between supply and demand in this specialized condominium segment.

Sarasota's Economic Landscape In summary, Sarasota's real estate landscape, when intertwined with a substantial net income migration of $3.851 billion, represents more than just market trends. It encapsulates the city's magnetism for individuals seeking economic opportunities and a change in lifestyle, influencing the dynamic interplay between supply, demand, and property values.

STATE S NAP S H OT AVE RAGE SALE

930K

$

L AKE WOOD R ANCH • SAR ASOTA • VENI CE DOWNTOWN

Venice • Sarasota • Bradenton S I N G L E- FA M I LY H O M E S

CONDOMINIUMS

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This is Us Like every client and every real estate advisor, we too have a

Engel & Völkers apart is our commitment to personalized

unique story. It's one steeped in iconic heritage that drives our

service. We cater to both private individuals and institutional

resolve to change the way consumers experience the properties,

clients, offering a meticulously tailored range of luxury

neighborhoods and the overall process of buying and selling a

services. From residential and commercial real estate to

home. The world of Engel & Völkers was created and continues to

yachting and aviation, we redefine opulence at every step. Each

grow around the mission to possess the highest levels of

of our brokerages operates independently, ensuring a unique

competency and client service. Through unrivaled brand

and localized touch to our services.

consistency, sophisticated systems and innovations, we've done what no other European luxury real estate franchise has been able to do—successfully establish itself in the Americas.

Engel & Völkers Florida

100

Buying and Selling with Us Engel & Völkers offers a personalized buying and selling experience, understanding that luxury is a personal and priceless connection to our homes. With trusted advisors, we guide you to

At Engel & Völkers Florida, we are dedicated to delivering a

find the perfect home, whether around the corner or across the

fresh, bespoke approach to luxury real estate. We focus on

globe. From search to sale, we provide transparency, insider

creating a white-glove concierge client experience, tailored to

insights, skillful negotiation, and distinguished care. Choose

meet the discerning needs of today’s homeowners. What sets

Engel & Völkers for an unforgettable real estate experience.

Become a Luxury Real Estate Advisor Every individual who is part of Engel & Völkers, at every level and in every location, embodies an ethos of leadership. It's this mindset that upholds the highest standards expected by our clients and our communities. At Engel & Völkers success is achieved and decisions are made with one key factor in mind: our people. We are a force of many, not simply a few.

More than real estate agents, our advisors take full advantage of a brand built and refined for real estate professionals looking to take their business to the next level. With more marketing reach, global connections and the ability to learn from the best, Engel & Völkers is unlike any other.

division tailored to meet the unique needs of builders, developers, and investor partners globally. With expert teams spanning five continents and over 400 projects, ranging from townhome communities to mixed-use high-rise buildings, our services are finely tuned to each project's specifications.

Engel & Völkers Private Office caters to high-value real estate portfolios globally, including leaders in various fields. Private Office advisors, recognized for exemplary service and market leadership, represent premium real estate in exclusive locations.

With access to top-tier marketing, they handle exclusive opportunities not publicly marketed. The Professional Athlete Advisory within the Private Office specializes in supporting athletes and their families through relocations.

At Engel & Völkers, we strive to create a world that promotes acceptance, inclusion, and understanding, as these values are essential to achieve progress and foster unity. We encourage collaboration and respect amongst individuals from different backgrounds, experiences, and perspectives and advocate for fair housing for all.

Engel & Völkers Development Services stands as a dedicated

Join as an Advisor 16,669+ Advisors Globally 5,997+ Americas Advisors 305+ Shops in Americas

101

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E N G E L & VÖ L K E R S

Franchise Opportunities in Florida Engel & Völkers isn't just a brand; it's a

form

transformative

unyielding leadership support, and the

haven

for

brokers,

through

personalized

redefining the benchmarks of success in

seamless

the ever-evolving luxury real estate

technology, ensuring that your journey with

market. Choosing Engel & Völkers propels

Engel & Völkers not only meets but consistently

you

exceeds conventional expectations.

into

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realm

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integration

of

coaching, cutting-edge

INNOVATION

opportunities, seamlessly integrating you into an esteemed global referral network.

Embarking on a transformative odyssey

It doesn't just offer access; it bestows

into the realm of luxury real estate with

upon you the distinguished honor of

Engel & Völkers is an invitation to be part of

exclusive brand affiliation within your

the quintessence of a global network

local market, presenting the enticing

deeply rooted in European heritage.

prospect of securing coveted top-tier

Beyond being a mere brand, Engel & Völkers

listings. Whether you're a seasoned

encapsulates a vision that transcends the

broker looking to expand your influence

conventional boundaries of real estate

or a newcomer stepping into the dynamic

transactions. In the Engel & Völkers

realm of real estate, Engel & Völkers

perspective, luxury is an art—an experience

remains steadfast in its commitment to

that seamlessly weaves together beauty,

fostering continual growth.

knowledge, and the meticulous fusion of context, comfort, and craftsmanship.

This unwavering commitment takes tangible Recognizing the inherent uniqueness of each market and individual, Engel & Völkers not only tailors but intricately

Successfully Independent

weaves its approach to harmonize with your distinctive preferences. Whether navigating the landscape of starter homes or delving into the exquisite realm of dream

The exclusive affiliation with the Engel & Völkers name not only distinguishes you within your market but also positions you to attract top listings. Beyond the local scope, enjoy the benefits of a collaborative and global referral network, working seamlessly to amplify your success.

With a commitment to excellence, the brand ensures you have access to hands-on coaching and guidance at every step of your journey, backed by renowned leadership and support from the corporate team to collaborative network leaders.

residences,

Engel

&

Völkers

ensures that luxury becomes more than a concept—it evolves into a personal statement. This commitment isn't just a promise;

it

manifests

in

meticulous

attention to detail, expert knowledge, and the consistent delivery of discreet white-

adjective | icon·ic | \ ī-’kä-nik \ widely recognized and wellestablished; an iconic brand name

It's more than resources; it provides a sense of peace, assurance, and empowerment— whether you're navigating the intricacies of the local market or stretching your ambitions across international borders. Collaborate with us, share ideas, and harness the transformative

power

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referrals,

connecting to an ever-expanding community of discerning global homebuyers.

Within the vibrant tapestry of real estate, where listings abound and houses vary, Engel & Völkers doesn't just embrace a narrative; it crafts an epic tale that transcends the ordinary. It's about more than facilitating the acquisition of a new home; it's about unveiling the life that awaits. Our enriched vision doesn't just add depth to your real estate journey; it transforms it into a sprawling masterpiece— an

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glove service—all meticulously customized exclusively for you.

In the dynamic world of buying or selling, Engel & Völkers guarantees not just an

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experience but an extraordinary journey, characterized by a global network that extends far beyond conventional coverage.

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We are where you are Our shops in Florida

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30A Beaches (850) 888-2642 30abeaches@evrealestate.com 4923 East County Highway 30A, Bldg A Santa Rosa Beach, FL

Fort Lauderdale (754) 206-3900 fortlauderdale@evrealestate.com 3301 North Ocean Boulevard Ft. Lauderdale, FL

Amelia Island (904) 372-4711 firstcoast@evrealestate.com 5185 South Fletcher Avenue, Suite 3 Fernandina Beach, FL

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Gainesville (386) 623-2806 gainesville@evrealestate.com 13085 Southwest 1st Lane, Suite 40 Newberry, FL

Boca Raton (561) 235-3900 bocaraton@evrealestate.com 5030 Champion Boulevard Suite G-2 Boca Raton, FL

Islamorada (305) 587-3663 islamorada@evrealestate.com 90773 Old Highway, Suite 5 Tavernier, FL

Bonita Estero (239) 405-7871 bonita-estero@evrealestate.com 26381 South Tamiami Trail, #108 Bonita Springs, FL

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Cape Coral (239) 541-1333 capecoral@evrealestate.com 1031 Cape Coral Parkway East Cape Coral, FL

Jacksonville Beach (904) 372-4711 jacksonvillebeach@evrealestate.com 758 3rd Street South Jacksonville Beach, FL

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Jupiter (561) 744-8488 jupiter@evrealestate.com 400 South US Highway One Suite 3 Jupiter, FL

Coconut Grove (786) 200-8857 coconutgrove@evrealestate.com 3162 Commodore Plaza, Suite 1A Miami, FL

Madeira Beach (727) 394-7365 madeirabeach@evrealestate.com 14225 Gulf Boulevard Madeira Beach, FL

Delray Beach (561) 362-2888 delraybeach@evrealestate.com 900 East Atlantic Avenue, Suite 14 Delray Beach, FL

Marco Island (239) 963-4223 marcoisland@evrealestate.com 599 South Collier Boulevard Suite 111 Marco Island, FL

Destin (850) 502-8997 destin@evrealestate.com 4447 Commons Drive East, Suite K-109 Destin, FL

Melbourne Beachside (321) 254-5275 melbournebeachside@evrealestate.com 1165 North Highway A1A Indialantic, FL

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Miami (305) 913-5499 miami@evrealestate.com 1717 North Bayshore Drive, Suite #111 Miami, FL

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Wellington (561) 791-2220 wellington@evrealestate.com 10620 West Forst Hill Boulevard, Suite 40 Wellington, FL

Neptune Beach (904) 372-4711 neptunebeach@evrealestate.com 214 Orange Street Neptune Beach, FL

St. Augustine (904) 770-5770 staugustine@evrealestate.com 6401 A1A South St. Augustine, FL

New Smyrna Beach (386) 213-6899 newsmyrnabeach@evrealestate.com 400 Canal Street New Smyrna Beach, FL

St. Augustine Beach (904) 770-5770 staugustinebeach@evrealestate.com 11 14th Lane St. Augustine, FL

Coming soon

Ocala (352) 820-4770 ocala@evrealestate.com 112 South Magnolia Avenue Ocala, FL

St. Pete (727) 295-0000 stpete@evrealestate.com 102 2nd Avenue Northeast #101B St. Petersburg, FL

Key West

Olde Naples (239) 692-9449 oldenaples@evrealestate.com 837 5th Avenue South Naples, FL

St. Pete Beach (727) 295-0000 stpetebeach@evrealestate.com 6680 Gulf Boulevard St. Pete Beach, FL

Pompano Beach

Orlando Dr. Phillips (407) 704-7340 orlandodrphillips@evrealestate.com 7600 Dr. Phillips Boulevard #42 Orlando, FL

Stuart (772) 494-6999 stuart@evrealestate.com 600 Southeast Ocean Boulevard Streetuart, FL

Palm Coast (386) 338-0326 palmcoast@evrealestate.com 213 South Second Street Unit 6 Flagler Beach, FL

Tampa Downtown (813) 352-2933 tampadowntown@evrealestate.com 501 East Kennedy Boulevard, Suite 1400 Tampa, FL

Ponte Vedra Beach (904) 372-4711 pontevedrabeach@evrealestate.com 190 A1A North Ponte Vedra Beach, FL

The Ocean Resort Residences (561) 222-3053. niliana.garcia@evrealestate.com 551 North Fort Lauderdale Beach Boulevard Fort Lauderdale, FL

San Marco (904) 372-4711 sanmarco@evrealestate.com 1611 Atlantic Boulevard Jacksonville, FL

Venice Downtown (941) 388-9800 venicedowntown@evrealestate.com 201 Miami Avenue West Venice, FL

Hutchinson Island Lakewood Ranch Marathon Pensacola Punta Gorda South Fort Myers South Beach Tallahassee Trinity

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Interested in Franchising?

Peter Giese CEO (239) 348-9000 florida@evrealestate.com

Craig Anderson SVP of Franchise Sales (239) 348-9000 craig.enderson@evrealestate.com

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Engel & Völkers Florida 633 Tamiami Trail N • Suite 201 Naples • FL 34102 Linzee Werkmeister VP of Business Development (239) 348-9000 linzee.werkmeister@evrealestate.com Kaitlin Weigelt Marketing and Brand Manager (239) 348-9000 kaitlin.weigelt@evrealestate.com Image credits © 2024 Adobe. All rights reserved. Adobe Stock Naples, Florida, U.S.A, 2023 Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. ©2024 Engel & Völkers Florida. All rights reserved.

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ENGEL & VÖLKERS MLP FLORIDA 633 Tamiami Trail N | Suite 201 | Naples | FL 34102 M +1 (954) 805-0052 | O +1 (239) 348-9000 florida@evrealestate.com | florida.evrealestate.com

©2023 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.