When it comes to property investment, the Sunshine State is a destination that ticks all the boxes. Discover 10 reasons why you should invest in Florida.
After a busy 2017, it’s more of the same for the Florida property market in 2018 with February marking up the 74th consecutive month of median house price rises in the state.
US housing demand is already strong and a recent article by a leading analyst of the US property market expects it to soar. This pent-up demand will lead to even higher prices and buoyant sales. And the southern states such as Florida and Texas are set to benefit hugely.
While the US as a whole has failed to fulfil expectations this year, the Florida economy has surged ahead both in economic growth and job creation. Analysts believe this tendency is set to continue throughout 2017, an opinion reflected in the very positive potential seen by local businesses in Florida.
Strong employment, 66 million Americans aged 20 to 34 and low vacancy rates mean an excellent outlook for rental properties in the US.
With Florida motoring ahead of the US economy, it’s obvious that the Sunshine State has left the recession well behind. And within Florida, the Tampa-St Petersburg-Clearwater MSA stands out for exceptionally positive figures. As a result, the Tampa Bay property market hasn’t had it so good for years.
The Florida economy experienced an excellent 2015 and all predictions point to a very sunny year over the next 12 months. As this BRIC Group news article reports, economic growth and job creation in tandem with a recovered property market and increased wealth mean residents in Florida will have plenty to celebrate in 2016.
The Florida city of Jacksonville has become one of the employment hotspots not only in the Sunshine State but in the US as a whole. Creating thousands of new jobs, particularly in the technological sectors and attracting multinationals, the city is also registering some of the highest increases in prices for property in Florida.
Yet again, Florida ranks among the best states to do business in the US according to the annual Chief Executive magazine survey. Florida came second in the nationwide ranking and stands poised to take the top spot from Texas to become the best place in the US to do business.
The Florida property market continued to show solid and sustainable growth in March, a month that notched up the state’s 40th consecutive rise in median houses prices. Closed sales also boomed while inventory levels dropped nearly 10 per cent.
Property in Florida still has plenty of ground to cover before statistics catch up with the pre-2007 figures. However, the market in some parts of the Sunshine State are clearly showing signs of strong recovery. One of these areas is Pasco County, home to New Port Richey, where some analysts are pinpointing a boom.
Not only has Florida left the recession well behind, the Sunshine State can look forward to strong economic growth and job creation at least until 2017. These excellent forecasts are also good news for the Florida property market, predicted to keep pace with the growing economy.
Figures for the Florida property market in October show yet another rise in sales of single family homes and condos, and average selling prices. Based on the latest statistics, analysts believe the housing market is moving in the right direction with many local agents claiming that now is the time to buy.
Getting around Central Florida has recently got much easier with the new SunRail train service. When the second phase is completed, the railway will cover over 60 miles between Volusia County and Osceola County, creating thousands of new jobs and opening up further opportunities in the Florida property market.
Florida has just announced record figures for tourism in the spring period this year. July statistics have also posted excellent results and consequently, the Sunshine State looks well on track for its target of 100 million visitors this year.
Figures just released by Florida Realtors show healthy gains in the property market during the second quarter of this year throughout the state. Sales, median prices and new listings all rose, both in single family homes and condo properties, and with Florida economy and employment both buoyant, this situation looks set to continue.