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Are Florida Insurance coverage Premiums Hurting the Actual Property Market? Gross sales Down, Costs Up

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State and nationwide information reviews have raised questions in regards to the affect that top property insurance coverage premiums in Florida have had on the true property market and if the prices are prompting some residents to contemplate transferring elsewhere.

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The Miami Herald reported Saturday that house gross sales in south Florida have continued to drop as housing costs have soared. Miami-Dade County recorded 24,154 gross sales of single-family properties and condominiums in 2023 – a 39% decline from 2021. The median value for a house within the county was $610,000 in December, about 15% larger than the yr earlier than, the newspaper reported.

The report quoted actual property specialists who prompt that the true property market in south Florida will enhance this yr as extra listings turn into out there.

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However an article in Newsweek noted that the spike in owners and apartment insurance coverage charges lately are placing a damper on individuals’s skills to acquire mortgages, which is having a unfavourable affect on actual property gross sales.

Sean O’Dowd, an institutional investor primarily based in Chicago, stated that among the largest residential actual property buyers have warned buyers to steer clear of Florida, regardless of latest legislative reforms that aimed to cut back extreme claims litigation within the state.

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One other report in Newsweek prompt that some Florida residents at the moment are excited about leaving the state as house insurance coverage prices have risen to among the highest within the nation. However the article quoted just one retiree who stated insurance coverage prices have put her and her husband in a dilemma about whether or not to maneuver elsewhere.

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