Florida Real Estate is rebounding and three chief economists the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando agree.
“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.” In Southwest Florida, agents and investors have felt that frustration for the last year.
Whether you are in Fort Myers, Cape Coral or Lehigh Acres agents and investors have seen a lot of multiple offer and highest and best situations when they first place the offers. Many of our investors who are still interested in purchasing more properties are sitting on the sidelines as the banks are slow to release their inventory. A great sign for Southwest Florida an the economy.
Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes.
“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. And here in Southwest Florida, those are our two major industries. “International tourism has been particularly strong in Miami and Orlando.”
Dr. Lawrence Yun, chief economist for the National Association of Realtors®, 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.”
Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “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.” Currently year over year Southwest Florida’s inventory is down considerable from last year and the average sale prices has risen 15%.
All in all despite what is going on nationally, Southwest Florida is heading into 2012 with a positive outlook.
For more information on Florida’s housing and economic outlook, click HERE.