01 Apr Bonita Bay News
We’ve come a long way since the economic meltdown, if you will. A new study released by RealtyTrac shows that real estate markets in 95% of U.S. counties are better off now than at the height of the foreclosure crisis four years ago.
The study analyzes median home prices, percentage of bank-owned sales, the unemployment rate and median household income in 410 counties in the U.S. from 2006 to 2014. According to the data, the depth of the housing crisis in Southwest Florida came in 2010.
The charts below show how far we’ve come since that time. I think you’ll agree that we are in much better shape and our markets only continue to improve.
Confidence in home prices remains strong, too. A just-released National Association of Realtors Confidence Index demonstrates that overall Realtors expect a median price increase of 3.9% over the next 12 months. In Florida, though, practitioners predict the biggest increases … 5 to 7% actually. California, Alaska and Hawaii are also expected to see similar increases. Contributing to these increases is the tight inventories in these states.
University of Central Florida economist Sean Snaith, in his first quarter Florida economic forecast, says Florida is now a front-runner in the nation’s recovery. Falling unemployment rates throughout the state are good news, but they are due in part to the low labor force participation. But as the labor force growth picks up, he believes the pace of decline will slow dramatically and by 2017 unemployment should be close to 5.4%.
Other positive economic indicators pointed out by Snaith include construction, which is expected to grow by 10% during 2014-2017, as well as professional and business services which should grow by 4.3%; trade, transportation and utilities by 4%; education and health services by 2.3%; and leisure and hospitality by 1.8%.
Housing starts will also make a major contribution averaging 32.5% growth during 2014-2017, with the most rapid growth taking place in 2014 and 2015. And real personal income growth is projected to rise with 2014 growth at 3.6% rising to 4.6% in 2017.
You can review the complete economic report here: Florida & Metro Forecast March 2014.
Inventory remains low. As of February 27, 2014, in all of Bonita Bay, there were only 125 homes and condos for sale (according to the Multiple Listing Service). Today, as of March 26, 2014, that number is down to 112.
Bonita Bay’s single-family homes have under 8 months worth of inventory as of March 26. And condos in Bonita Bay show exactly 4 months of supply.
Whether buying or selling, if you are looking for Realtor representation, think of me.
Your Bonita Bay Realtor,