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The latest market statistics show continued improvement for Florida. Existing home and condo sales are up in November in year-to-year comparisons. Jobless claims are down slightly and employment growth is up.
Despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend, according to three leading U.S. economists : Dr. John Tuccillo for Florida Realtors, Mark Vitner for Wells Fargo, and Dr. Lawrence Yun, chief economist for the National Association of Realtors.
Looking around the state, Vitner said Jacksonville’s unemployment rate has dropped and home prices are stabilizing. In Orlando, prices have not yet reached bottom, he said, but the winter tourism season should help the regional economy. Tampa and Southwest Florida have seen solid job growth, with little new home construction. South Florida’s economy is growing thanks to trade relationships with Latin America and the Caribbean, while in the Panhandle, Fort Walton Beach is outperforming Panama City and Pensacola, according to Vitner.
Dr. Tuccillo stated that in Florida, the homes today may be undervalued, and added. “That a buyer who plans to own the home for five to seven years can get some great bargains today.” “Our state is in a mini-recovery,” he said.
“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.”
Dr. Yun, , said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”
Yun said he was particularly optimistic about the outlook for South Florida due to international buyers. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”
Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, and that lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.
“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.”
Dr. Yun, , said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”
Yun said he was particularly optimistic about the outlook for South Florida due to international buyers. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”
Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, and that lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.
Source: Florida Realtors®
