01 Mar Bonita Bay News
Southwest Florida has one of the healthiest housing markets in the country.
A report by John Burns Real Estate Consulting, an Irvine California-based national market research company, concluded this based on strong demand from second-home buyers and retirees which has been pushing prices up .5% per month.
Additionally, flights to Southwest Florida International Airport experienced their largest increase since 2007, which, as we know, generally relates to high vacation home sales.
Tight inventory and strong employment growth — the highest for any city in the U.S. in December at 7.7% — also bode well for Southwest Florida, said Lesley Deutch, author of the firm’s report. But he also said that while the market is healthy now, the firm is “carefully watching for signs of overheating.”
Yet another report released at the U.S. Conference of Mayors in Washington, D.C., predicts Naples to be the fastest growing metro area in the country and that it will add jobs faster than any other.
Our warm weather and lower cost of living have always been big attractors, but job growth in Naples is also bringing people here in search of greater economic opportunity. Experts said the boom is all part of a larger trend nationwide and that Naples is at the top of this economic surge.
With an economy expanding by 6.3%, the report says Naples will add jobs faster than any other metro. This news is welcoming after the area took a hard, economic hit, but experts said they are seeing more and more people heading south.
And with more people heading south, Florida is about to overtake New York State as the third most populous state in the nation. California and Texas take the number one and number two spots, but with more than 50,000 New Yorkers moving or retiring to Florida every year, New York’s 1% annual growth rate simply cannot keep up with Florida’s 2.7% (April 2010 to mid-2012 as per the Census Bureau).
Inventory remains low. As of February 1, 2014, in all of Bonita Bay, there were only 139 homes and condos for sale (according to the Multiple Listing Service). Today, as of February 27, 2014, there are 125 for sale.
Bonita Bay’s single-family homes have 9 months worth of inventory as of February 27. And condos in Bonita Bay show 4.5 months of supply.
Whether buying or selling, if you are looking for Realtor representation, think of me.
Your Bonita Bay Realtor,