2023 Florida Real Estate Market UpdatePosted on: August 18, 2023
Read Time: 5 minutes
Florida has and continues to be a desirable real estate market for all buyers, with demand exploding exponentially throughout the pandemic.
As we transition from the pandemic boom, industry experts continue to monitor the market and Florida, especially South Florida counties to be in high demand.
Renowned Realtor, Christy Bearse from Harbour Ridge Realty offers valuable insight and expertise. With a focus on golf communities and waterfront residential properties, Bearse provides a comprehensive analysis of the current state of the market along Florida’s Treasure Coast, along with guidance for homebuyers.
Over the past few years, buyer’s priorities shifted and remote work arrangements became more common, there was a notable increase in demand for residential properties across the state of Florida. With its desirable climate and attractive lifestyle, Florida emerged as a sought-after destination. During the period of June 2020 through June 2022, Florida has been widely acknowledged as a “seller’s market”, with a significant number of properties selling at record-breaking prices quickly after being listed.
However, at the start of October 2022, the dynamics of the market in Florida began to change to a more neutral market. The frenzied pace of home buying that happened during the pandemic began to slow down. The number of active listings currently available throughout the Treasure Coast have risen, leading to an increase in the average days on the market. The inventory has increased some, allowing buyers to carefully evaluate their purchasing decisions, and find the most suitable option without feeling rushed.
“We just came off of two amazing years of properties selling so quickly, that the shift to a balanced market is almost alarming for many,” said Bearse. “People may think we are slowing down due to an increase in inventory and extended days on market, but we’re really transitioning to a stable market after the buyer frenzy of the past few years.”
The high demand for Florida golf has played a pivotal role in strengthening the real estate market. The National Golf Foundation reported that in 2022, 41.1 million players engaged in the game both on and off the course, with over 3.3 million playing for the first time. This sustained demand for golf has ignited a surge of interest in private club communities across the Sunshine State.
While the resurgence of golf has played a significant role in strengthening the real estate market for many private club communities, Bearse highlights that the allure of Florida’s Treasure Coast extends beyond golf. Bearse notes, “The lifestyle and Member experience Harbour Ridge offers is a primary focus for many of our buyers. While golf, fitness, and social events are important, buyers want to envision themselves truly living in the community. What sets Harbour Ridge apart in this regard is our waterfront. Even if a home is not directly on the water, having the clubhouse and other amenities along the St. Lucie River allows all Members to incorporate a waterfront lifestyle into their daily routines. While country clubs can add pickleball courts or fitness centers, our riverfront location is truly unique and cannot be replicated.”
Bearse believes that a country club, like a home, should speak to the buyer on a personal level. “People can get caught up in the details, but I always bring their attention back to the bigger picture – can they visualize themselves living there?” said Bearse. “As a real estate consultant at Harbour Ridge Realty, my role extends beyond being a friendly face. I strive to empower customers with the information they need to make the best decision for themselves.”
About Christy Bearse
Born in Rhode Island, Christy Bearse has been a resident of Florida since 1992, and a realtor at Harbour Ridge Realty since 2020. With over 25 years of experience in real estate, accounting and finance, Bearse specializes specifically in esteemed golf communities and waterfront residential properties along Florida’s Treasure Coast. Bearse earned her bachelor’s degree from Bentley University in Massachusetts and was a graduate of the REALTOR® Institute, one of the most valuable real estate designations. She was awarded 2012 Realtor of the Year by the Martin County Realtors Association and has held multiple leadership positions at the Martin County Realtors® of the Treasure Coast (MCRTC) and has been nominated to be the President-Elect for 2023-2024.
About Harbour Ridge Yacht & Country Club
Harbour Ridge Yacht & Country Club is a member-owned, private, residential golf, yacht and country club community situated along the North Fork of the St. Lucie River, just 40 minutes north of The Palm Beaches. The community is the only private, waterfront Country Club in the area to feature two championship golf courses, as well as three marinas providing a combined total of 98 boat slips Members also enjoy a 45,000-square-foot Clubhouse, nine Har-Tru tennis courts, eight pickleball courts, a spacious fitness center, a full-service spa and salon, a barbershop, and physical therapy services.
Established in 1985, Harbour Ridge is an 885-acre community with 695 residences, offering a selection of homes and condominiums in 28 unique villages. The wide variety of properties within Harbour Ridge offers varying styles and stunning views of the St. Lucie River, lakes, golf courses, or nature preserves. Visit HarbourRidge.com or call 772-336-1800 for more information.