Sarasota Real Estate Market News

Trulia: 1 in 3 home searches cross state lines

SAN FRANCISCO, February 2, 2012 – According to real estate search engine Trulia, “House hunters near and far eye Florida real estate.” Seven of the top 10 metros with high demand from out-of-state residents are in Florida. Even with a backlog of homes unable to complete the foreclosure process, big price declines mean more people want to move to Florida than leave. In fact, one-third of all Miami home searches were done by people living more than 500 miles away.

Trulia’s Metro Movers Report looks at where homeowners are today and, by analyzing where they search for a new home, provides a look at where they want to live tomorrow. The Winter 2012 report examines all property searches on among all U.S. metropolitan areas between Oct. 1 and Dec. 31, 2011.

“Today’s house hunters are deal seekers,” says Jed Kolko, Trulia’s chief economist. “Although locals in Florida, inland California and the Southwest are suffering from high foreclosure rates and lost equity, huge prices declines … have drawn house hunters from across the country. As America’s retirement capital, Florida has received the most attention from prospective homebuyers and renters from the Northeast and Midwest. Baby-boomers who had planned to retire to cheaper places during the boom years can once again buy in Florida.”
There are geographic preferences that differ between Florida house hunters in New York and Chicago. New York is the top source of long distance (100 miles or more) home searches for properties along Florida’s Atlantic coast and Central Florida (e.g., Lakeland-Winter Haven, Fort Lauderdale and West Palm Beach). Meanwhile, more searches for Gulf Coast homes (e.g., North Port-Bradenton-Sarasota and Cape Coral) come from Chicago than anywhere else.

Overall, the Palm Bay-Melbourne-Titusville area had the highest demand from online seekers through Trulia’s website. For every one resident considering a move out of the Palm Bay-Melbourne-Titusville region, almost nine people considered moving in.

Trulia’s top 10 list includes the number of interested out-of-area residents compared to each resident considering leaving. A rating of 2, for example, means that two people are considering a home inside an area for every one person considering a move out:

1. Palm Bay-Melbourne-Titusville: 8.80
2. Lakeland-Winter Haven: 7.60
3. North Port-Bradenton-Sarasota: 6.62
4. Cape Coral-Fort Myers: 2.59

5. Tulsa, Okla.: 2.48
6. West Palm Beach-Boca Raton-Boynton Beach: 2.46
7. Fort Lauderdale-Pompano Beach-Deerfield Beach: 2.44

8. Riverside-San Bernardino-Ontario, Calif.: 2.43
9. Charleston-North Charleston-Summerville, S.C.: 2.40
10. Orlando-Kissimmee-Sanford: 2.30

© 2012 Florida Realtors®

May 18, 2012 - Posted by | News related to Buyers, News related to Sellers, News related to the Market

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