Florida Housing Forecast 2018 2019

Dated: January 9 2019

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Yes 2019’s forecast is very warm for the country along with rosy US economic predictions, and Florida’s spring/summer housing market is heating up fast. August was the 80th consecutive month that median sales prices for both single-family homes and condo-townhouse properties in Florida, rose year-over-year.

If you have to sell your home in Florida, you won’t have to wait long. Buyers are eager but wiser.

While the Miami housing market leads the way amidst 6 consecutive years of price growth, the Florida market overall is doing well. Miami (4.9% growth forecast), Orlando (5.3% growth forecast), Naples (3.1% growth forecast), St Petes (6.3% growth forecast), Jacksonville (6.6% growth forecast), Tampa (+6.5% growth forecast), Pensacola (4.5% growth forecast), and Sarasota housing markets all seem rosy against a strengthening US economy and persistently upward US housing market. There is nothing to dispute that Florida may have the best cities to invest in rental income property.

According to Zillow, as we entered September, the average home price was $223k, and will only reach $236k one year from now. That’s a 5.4% increase.

They give a 9.0/10 rating for Florida’s real estate market health. Homes with negative equity is 9.8% of owners which is slightly less than the national average. The state has a higher than average mortgage delinquency rate of 1.9% which is way better than Chicago’s.

Florida Realtor’s Report for August

Florida’s market continue to improve as we enter the fall season. Florida Realtors Association reported that August is the second month in row that Florida’s housing market experienced a rise in new listings. The average detached home price rose 4.6% to $328,414 (YoY). Sales of single-family homes across FL totaled 26,273 last month, up 4.2% vs August 2017. Sales volume rose more than $900 Million and cash sales were up 1.2%. All signs of a healthy Florida housing market.

New detached home listings in Florida rose 2,000 units, and active inventory was up 4,000 units. DOM fell 2% for homes and 6% for condos. The more affordable bottom tier properties reached $125,000 in August.

Florida Rentals

Owners and Investors will be pleased by the growth curve in average rents in Florida.

Florida Detach Home Prices History – Courtesy of Florida Realtors Association

 The condo market in most US cities is hot in spring, but especially so in South Florida and Miami Dade. Foreclosures/REO, and Short Sales are down signalling the Florida condo market is healthy.

The Orlando/Kissimmee/Sanford housing market saw prices jump 10% while sales grew 8%. Sadly inventory dropped by 11% YoY. The median price for single-family homes sold in Orlando in April rose 9.4% YoY to $257,000. The median price for Orlando condos increased 20.4% to $130,000, substantially more than condos in Miami. One report has it that only a 1.3 month of supply of single-family homes listed at below $2000,000 is available.

The Tampa Sarasota Housing Market is hot. It ranks 6th in loan applications from those ready to move. According to Zillow, the median home value in Tampa is $209,200. Property prices have resen 14.7% YoY. Zillow predicts they’ll rise 9.7% within the next 12 months.

The median price of Tampa homes is $299,900 while the median price of homes that sold is $238,400. The issue is the price mismatch between prospective buyers and those wishing to sell.

As mortgage rates rise and loan qualification gets tougher, while prices rise, first time homebuyers are in for a struggle to buy in the Orlando, Tampa, Hialeah, Fort Lauderdale, Naples or Florida Key areas.

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Roberto Jacob Santos

Having the right real estate agent means having an agent who is committed to helping you buy or sell your home.....

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