Florida Realtors® released its “Profile of International Home Buyers in Florida 2012” today. The survey, conducted by the National Association of Realtors (NAR), found that almost one in five Florida sales in the 12-month period ending in June involved an out-of-country buyer.
Researchers say that the 2012 results closely resemble those in 2011. It’s based on a survey taken by over 1,500 members of Florida Realtors.
The international real estate market – defined as non-resident foreigners who buy residential real estate in the U.S. – is important to Florida. Nationwide, 51 percent of all foreign sales take place in only four states – Florida, California, Texas and Arizona. Of those four states, Florida has the largest share: 26 percent of national sales to foreign buyers closed in the Sunshine State.
Overall, 19 percent of Florida home sales (by dollar volume) went to foreign buyers.
Report highlights
• Nearly all international sales were cash – 82 percent of transactions.
• The median price paid by international buyers was $194,700 compared to an overall Florida median price of $125,100 and a U.S. median price of $167,758.
• Canadian buyers tended to buy in the lower price range; European and Latin American buyers bought at a higher price range.
• Foreign buyers see the U.S. residential housing market as a good value, thanks, in part, to favorable international exchange rates.
• In the 2012 survey, Canadians led the way as United Kingdom buyers faded a bit. Brazil and Venezuela have increased as sources.
• Condos account for 45 percent of properties, townhouses 10 percent and detached single-family homes 36 percent.
• 61 percent of surveyed Realtors said that they worked with an international client in the past 12 months, down from 77 percent.