We noted some terrific news that came out of the 2016 Florida Real Estate Trends event during the recent Florida Realtors Mid-Winter Business Meetings.
According to one of the event speakers, Jonathan Smoke, chief economist of realtor.com, Florida is positioned to become one of the hottest spots in the country with rising demand and positive gains in recovery.
Smoke said 2015 was a good year for the state and 2016 looks to be similar. In fact, he told the realtors in attendance “to get ready for an onslaught of would-be homebuyers in the spring through summer months.”
Dr. Brad O’Connor, chief economist for Florida Realtors, also offered his insight on the state’s real estate markets. He said Florida’s real estate sector will continue to experience growth and positive momentum in the coming months.
“We expect home sales to increase eight to 10 percent in 2016, while home prices are likely to rise about five percent,” said O’Connor. “The estimated Florida shadow inventory is slowly but surely disappearing. We’re down to about 200,000 non-listed but potentially in foreclosure homes (the so-called shadow inventory). Negative equity loans are down to below 20 percent.”
We say to all Floridians – be proud of your comeback on the housing front as well as with the economy, overall. It took a lot of hard work, but we got there.
Quite obviously, there are still some parts of the country suffering. We’re certainly hopeful they will rebound just like we did.