Time to buy? Florida real estate on the rebound.

Vacation property prices is Florida are on the rise but there are still deals to be had.


Housing prices in the sunshine state are rebounding but there are still bargains to be had, according to a local realtor specializing in snowbird properties.

Residential real estate prices in South Florida have risen more than 4% in the last year, far outpacing the national average, according to the S&P/Case-Shiller Home Price Index. Still, prices are 45% off all-time highs seen in late 2006, early 2007.

The average condo in popular Southwest Florida now sells for $315,000 while the average single-family home now sells for $450,000.

Average selling prices can be skewed by a minority of very expensive sales and areas like Palm Beach, Naples and Miami are favourites among luxury buyers.

Vacation properties can sell for much less than the average. Indeed, the overwhelming majority of Canadian buyers spent less than $200,000 on their Florida purchase this past year while the median price range was $100,000-$199,000.

A portion of these were properties in foreclosure. In fact, these so-called “distressed sales” account for roughly 20% of total sales in Southwest Florida.

January through March is Florida’s busiest buying season as snowbirds from across the Northern U.S., Canada and Europe descend on the Sun Belt.