Here is a link to the Market Outlook for the last twelve months -
https://www.dropbox.com/scl/fi/28tftse1rrbsybl2vcwn5/Florida-Convention-2023-Market-Outlook-FLA-Economist.pdf?rlkey=0ve9qiwfhvcudlnpjud2sg50b&dl=0
I had the opportunity to partake in two intensive days of meetings, during which I delved into new technologies that can enhance our services to you. To begin, we explored the integration of AI into our business for marketing purposes. We also had the privilege of listening to an inspiring talk by Tim Tebow, followed by an informative session on the status of Florida's real estate market.
Dr. Brad O’Connor, the Chief Economist of Florida Realtors®, shared valuable insights that I'm eager to pass on. He highlighted the overall healthiness of the market. Despite the continuous climb in interest rates, the allure of Florida remains strong, with a staggering influx of around 1,100 people daily. Remarkably, our state has experienced a remarkable 2% growth in the past year, marking the highest surge since 1957. This surge, as Dr. O'Connor emphasized, is fundamentally influenced by the interplay between supply and demand, the cornerstone of the Real Estate Market.
These updates provide a comprehensive understanding of the landscape we operate within, and I'm excited to bring these insights to you.
Key Takeaways
- Florida is still a hot place to be right now!
- Migration continues to grow, the flexibility is ideal for remote workers
- We have housing affordability compared to Northeast and West Coast
- Continued Job Growth remains stable
- We are below a 3% of Supply of inventory lower than 2018-2019
- Building permits are down, new construction remains at low levels of supply
- Median days on market are less than 2018 and 2019
Who is moving to Florida? Driver’s License exchanges are coming from:
- New Jersey
- New York
- Pennsylvania
- California
What’s happening with Foreclosures and Mortgages?
- We are under 2% which is less than the early 2000’s
- Nearly two-thirds (68.7%) of homeowners have either paid off their mortgages or have at least 50% equity
- This is a non-issue right now
Don’t let the headlines cause fear, the above information can help calm any of your fears. The slides from our market update can be found linked at BAMSellsHomes.com/Blogs. I’m just a call, text or email away to help!
