Florida Housing Market . . . The One to Watch In 2014?
Home prices in markets like California, Las Vegas and Phoenix garnered headlines across the country. But according to the Home Buying Institute Florida’s housing market will jump back into the national eye in 2014. According to the Healdsburg, California-based company this was one of their eight housing predictions for 2014.
During 2013 inventory plummeted in California, Las Vegas and Phoenix, driving home prices upward at a headline-generating pace. Many California cities posted annual price gains of 20% or more over the last 12 months.
In 2014, Florida’s real estate market will move into the media spotlight, edging out some of last year’s headline grabbers. Housing inventory is dropping sharply in some of Florida’s major cities. In Naples, for example, the total number of property listings on Realtor.com dropped by nearly 22% over the last year or so.
Inventory is also declining in Fort Lauderdale, West Palm Beach, Daytona Beach, and other cities. At the same time, housing demand is rising across the state, partly due to job gains and other economic improvements. According to the Home Buying Institute it will be a market to watch in 2014.
Frankly, we saw this trend developing over two years ago as we researched markets primed for extrordinary long-term growth. It’s why we relocated our design-fueled real estate investing business to South Florida. Unlike the headline grabbing states though, Florida and in particular South Florida has the economic underpinnings to support long-term gains which will attract our primary buyers.
Instead of California and Nevada where prices were driven up by misleading inventory numbers, due to State-level foreclosure laws designed to slow actual foreclosures, Florida has sought to speed up the foreclosure process and clear the market.
Fort Lauderdale metro area leads the nation in unemployment drop
Florida boasts some serious job growth numbers that support long-term growth. Broward County and Palm Beach’s unemployment rates are dropping faster than it is in any other major metropolitan area, according to a recent federal report.
For August, the most recent month with updated federal data, the Fort Lauderdale metropolitan area saw unemployment plunge to 5.8 percent from 7.7 percent a year before. according to data released Monday. Palm Beach also saw a drop of nearly two percentage points (from 9.7 percent to 8.4 percent), ending Seattle’s six-month run atop the list produced each month by the Bureau of Labor Statistics.
Now’s the time to take action and put your money to work. You won’t make money sitting on the sidelines. Restore 818’s turn-key real estate investment program makes investing in South Florida properties simple and secure. If you’re not getting a 12% return or more per year on your current investments, let’s talk.