The reports are in and according to the latest housing data from Florida Realtors, the Florida housing market gained lots of momentum with more closed sales, more pending sales, higher media prices and a smaller inventory of homes for sale.
Florida Realtors President Dean Asher claims “We’re seeing double-digit gains in state-wide closed sales, new listings, pending sales and higher median prices.” He continued on to say that these increases are taking place in both the single-family and townhome-condo markets. As a matter of fact, this July marks the 19th consecutive month when the state-wide single-family home median sales price has increased.
In short, the Florida housing market is growing and that could only mean good news for the local economy.
According to Sean Snaith, director of UCF’s Institute for Economic Competitiveness, “Florida’s economy may not be experiencing a full-blown Renaissance right now, but it is beginning to shake off the effects of the housing plague on its economy. 2013 is shaping up to be a year for Florida to transition back into higher growth!”
As 2013 is starting to give way to 2014, Florida’s economy will start to get better faster. Labor markets will improve and the housing prices will definitely benefit from the improving fundamentals. The economic and demographic growth will provide a solid foundation upon which a housing sector can grow in a much healthier manner. As soon as these key drivers are back in place for Florida, there’s nowhere else to go but up!
Some areas are set grow bigger and better than others and the Miami-Fort Lauderdale-Pompano Beach zones are one of those expected to have moderate growth.
Perhaps it’s good investment foresight too that most home buyers are starting to concentrate in the South Florida area. As a matter of fact, stories of homes going on the market and receiving offers higher than the listing price are not unheard of.
Take advantage of the great opportunities and the positive changes taking place in the South Florida housing market. Invest in the South Florida real estate and trust in the Great Florida Homes Team’s expertise for all of your real estate needs!