Hispanics gaining in local real estate market

One of the fastest-growing home-buying groups in Northeast Florida is the local Hispanic community. According to Ray Rodriguez of the Real Estate Strategy Center of North Florida, Inc., a little more than 50 percent of the homes bought by the Northeast Florida Hispanic community in the first quarter of this year were existing homes. That figure is up from 44 percent in 2005 and 47 percent last year.

The Hispanic community is also buying homes that are reflective of the entire local real estate market, from a price perspective.

“The median price of the new homes bought by Hispanics was $217,000,” said Rodriguez. “The median price of the existing homes they bought was $147,500.”

Other figures on the Hispanic home-buying community from Rodriguez include:

• 56 percent bought new, single-family homes at a median price of $258,400

• 24 percent bought new condominiums at a median price of $154,00

• 16 percent bought townhomes at a median price of $167,900

• 4 percent bought villas at a median price of $180,600

“For the first quarter, only one existing condo was sold,” he said.

Rodriguez said Hispanics are buying homes all over the area, but his research indicates it’s concentrated in five areas: Argyle, Kernan, New Berlin Road, Old Arlington and Orange Park.