Why Are International Sales So Important to Florida?

A study done by the National Association of Realtors® (NAR) in cooperation with Florida Realtors found that international real estate deals made up 8 percent of all Fla. existing homes sales over a one-year period that ended in July 2013.

By dollar volume, international real estate transactions made up 9 percent of sales over the same period.

The numbers come from an annual study conducted by NAR, the 2013 Profile of International Home Buyers in Florida. A total of 977 Realtors responded to this year’s survey conducted July 9-Aug. 16, 2013. For the report, foreign buyers were defined as non-resident foreigners – individuals who purchase property in the U.S. but live in the U.S. only part of the year – and who typically using the property as a rental unit, vacation unit or both.

For the 12 months ended July 2013, existing home sales in Florida – single-family homes, townhomes and condos – accounted for 327,350 transactions worth $74 billion dollars. Of that total, there were 22,572 transactions worth $6.4 billion dollars to foreigners.

By dollar volume, the international market made up 9 percent of total sales in Florida for the 12 months ended July 2013 and, on a rolling basis, about 8 percent of the total number of transactions.

Prices paid by non-resident foreign buyers tend to be higher than domestic buyers, though overall, international sales have been down due to the worldwide recessions, according to NAR.

Read more at Florida Realtors®