Some of the biggest Florida metros currently stand tall at the top of the latest pre-mover index. Orlando, Tampa and Jacksonville are all among the highest ranking in the country indicating Q3 will be a busy one of relocation to these parts of Florida. Analysts expect a high percentage of moves during the quarter.
The latest Pre-Mover Housing Index published by ATTOM Data Solutions reveals key areas in the US for relocation. Along with Chicago and Washington DC, Florida metros post some of the highest results in the large metro category.
Above-average moves
The quarterly Index takes 36 metro areas in the US, all with at least 500,000 single family homes and condo properties. Several Florida metros fit this criteria including some of the best for property investment. Orlando-Kissimmee, Jacksonville and Tampa-St Petersburg-Clearwater.
ATTOM compiles the Index by looking at data in the metros on loan applications. From this they produce what the company terms as the “pre-mover” indicator. The Index then compares this to the total number of properties resulting in a ratio. The ratio indicates the likelihood of moves in the next quarter. Homes in metros with figures over 100 are more likely to be sold over the next quarter.
Florida metros at the top
A total of six Florida metros had pre-mover indicators in excess of 100 in Q2 this year meaning that a high percentage of homeowners will be moving there in the next quarter. Taking top positions were Orlando-Kissimmee and Jacksonville. The Heat Map accompanying the Index clearly shows the potential in Florida.
Both metros scored 136, well above the national average of 100, and both are currently posting excellent employment figures, high job creation and a booming property market. According to Forbes Best Buy Cities: Where to Invest in 2018, the two hit “the sweet spot” for investors.
“Orlando outperforms. House prices are still 22% below the national average but are set to rise 35% by the end of 2020,” says Forbes. For Jacksonville, the report states that “house prices set to rise 20% by the end of 2020”.
Completing the trio of highly-ranking Florida metros is Tampa, another hot spot for job creation and with a property market where prices still have plenty of room for growth. The metro’s score of 133 on the pre-mover index is one of the highest in the country. Other Florida metros with a score over the national average were Lakeland-Winter Haven (126) and Ocala (109).
Florida ranks high for relocation
Given that five Florida metros have some of the highest pre-mover indices in the country, it’s no surprise to discover that the state ranks near the top in the nationwide listing. The Sunshine State takes 7th place in the top ten with a total score of 133. The Index is headed by North Dakota with 275 and Illinois with 193.
(Source: ATTOM Data Solutions)
