Auction.com recently released their Florida Economic Market Report it stated that:
Top 5 Real Estate Markets In Florida are:
- Naples-Marco Island, FL
- Punta Gorda, FL
- Orlando-Kissimmee-Sanford, FL
- Fort Lauderdale-Pompano Beach-Deerfield Beach, FL
- Sarasota-Bradenton-North Port, FL
A big factor that’s causing the boom in Florida is population growth. As the economic conditions have improved in Florida, the state’s total population is surging!
In fact Florida has surpassed New York to become the third most populous state in the country.
The report states that over the last 12 months, unemployment has substantially fallen and payrolls are at all all-time high up 4.5% form one year ago.
Perhaps the most notable employment trend is taking place in construction however, as this segment is roaring back after a massive contraction as a result of the housing bust.
And with all of the construction and job growth, personal income has risen as well!
Given all this improvement within Florida’s economy it should come as no surprise that personal income in the state grew substantially in 2014 from 2013, ranking 11th in the country, with 4.6% growth.
Cash Is King!
Buying houses with cash is a show of financial power in Florida. Cash sales represent nearly 50% of all home sales. While inventory is up, our average “days on market” hovers around 60 days which indicates quite the active market here in Florida.
If you’re interested in buying a house in Florida, someone from our team of professionals would welcome the opportunity to help you.
If you’re reading this and you’d like to sell a house in Florida, we’d be very interested in speaking with you. You can call us at 888-900-1933 or you can click here and find out more about our professional home buying service.
Click here to download the Auction.com Florida Economic Market Report.