Winter Haven Florida Real Estate Market Report

Home to the largest Lego-themed vacationing spot “Lego Land Resort”, and various other water themed attractions, Winter Haven poses as an exciting investment for families looking for properties for sale in the area. Featuring a chain of lakes and striking wetlands converted to a thriving eco-tourism industry; Winter Haven, Florida has become an expanding hub of economic activity, generating up to $300 billion per year.

Over the past year, median home values in Winter Haven have risen 8.1%, and for now, the median home value is $166,000. The gradual descent trajectory that Winter Haven’s real estate market had taken in the early 2010s plateaued between the years 2012 – 2013. Since then the market has been increasing and is expected to further rise by 4.8% into the next year.

Winter Haven Real Estate Market Trends for March 2019

The median sales price indicates a 2% year-on-year growth from last year’s $170,000 to this year’s $173,000. The median price for listed homes is $179,250, while 18.84% of Winter Haven’s real estate market remains open for investors.

Overall, the state of Florida’s real estate market has enjoyed a 6% increase year-over-year and Winter Haven affords potential investors the luxury to choose between a variety of homes such as, 3 and 4-bedroom condos, foreclosures, townhouses, and bank-owned properties.

The current median price for listed homes for sale in Winter Haven is set at $205,945 while figures project the median price for homes sold comes up to $175,700. As of now, collectively there are more than 500 active listings in Winter Haven’s 3 zip codes.

The median sales prices of the properties have shown a consistent, gradual growth trend over the last 5 years, reaching its peak in December 2018.

Since the end of 2018, the trend seems to be on a slow descent, with the number of properties sold seeing a drop as well. However, this is in lieu of the changing market cycle. Following a growth trajectory in the last 5-years, the market is now going for a plateau; however, slight upward bumps are still expected due to the growth of Florida’s real estate market.

This trend is expected to prevail in the coming year, making Winter Haven a suitable investment for buyers and long-term property investors.

Although the average price per square-foot is lower than similar locations in Florida, it currently displays an increasing trend of 2%, since last year. The current price averages at $101, a considerable upward hike from $99 of last year.

Properties in the 1200-1399 square-foot range, as well as 3-bedroom properties and studio apartments currently hold the highest availability at Winter Haven.

Winter Haven Distressed Property Report

Since last year, the area has seen a 119% increase in foreclosure filings, with the current percentage of vacant homes bordering an 18.84%. Winter Haven thus provides investors with a wide variety of properties to choose from.

2-bedroom properties hold the lowest availability while 3-bedroom properties and studio apartments remain in abundance.  These properties also tend to show a growth spurt in median sales prices with a 14% year-on-year recorded increase.

Bank-owned properties show the most potential with the highest vacancies. Overall, all size ranges have seen an increase in pre-foreclosures. Amongst bank-owned properties, within the price range of $100,000 to $200,000, 1000-1199 square foot, 1200-1399 square-foot, and 1400-1599 square-foot properties are available for those interested.

The general trend of house sales has shown an increase over the last 5 years, which followed into January of 2019, only slowing down in February. A forecasted increase of 5.7% is expected to gradually come about by next year.

This may be offset due to exorbitant fluctuations in interest rates. However, for now, the trend is expected to maintain a steady growth.

Winter Haven Crime Statistics

Even though Winter Haven’s crime rate is 19% higher than the national average, the rate of reported crimes has drastically decreased in the last 5 years.This lowers the crime index to 101.62, resting the rating on a B minus.

The crimes are saturated in specific locations rather than dispersed throughout the entire area. The majority of reported crimes occur in the north western-locations, mainly around the lakes, leaving certain areas safer than others.

Being a metropolitan area, and a tourist hotspot, petty theft crime scenarios are expected; considering most locations in Florida rate higher than national averages.

Posted by Florida Realty Marketplace on
Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.