As the buzz of New Year celebrations have settled down, many people are taking a closer look at the pulse of the real estate market for the year ahead. Whether you are considering buying a new home or selling your existing home, 2017 is looking like a promising year for your potential real estate transactions!
Kicking off 2017, Realtor.com has released their yearly forecast, predicting a sales volume increase of 4.17% across the southern Florida market. Despite South Florida’s strong population growth and stable job creation, 2016 saw a decrease in home and condo sales – making this year’s sales prediction music to the ears of Realtors and investors! “There is more inventory on the market [in South Florida] than a year ago and prices haven’t fully recovered so it is more of a value play for buyers than other parts of the country” says Jonathan Smoke, chief economist at Realtor.com.
Additionally, our neighbors in Jacksonville and Orlando, FL are among the top 10 markets expecting real estate sales growth of 6.3% for 2017. Good news is also in store for our hometown of Tampa, FL! Market research conducted by Local Market Monitor determined that Tampa maintains a strong 3.1% three-year population growth rate, up .8% higher than the national average of 2.3%.
Thanks to steady job growth and anticipated home appreciation, we’re eagerly welcoming baby boomers, employment relocations, retirees and second-home buyers in 2017. As Ingo Winzer, president and founder of Local Market Monitor states, “The national economy has stabilized and is growing again, the factors that prompt people to go to Florida have recovered”.
SI Real Estate Tampa is excited about what the real estate and builder future holds for our clients this year. We look forward to helping all of our friends, clients, and family across Tampa Bay and beyond in reaching their real estate goals for 2017!