It’s known as the “Sunshine State” but does Florida have a sunny real estate outlook in 2018? A lot of people want to know the answer. That’s because Florida has long been considered a popular place to live and buy property. With warm weather nearly year round and miles of beaches that border nearly the entire peninsula state, as well as attractions and amenities that attract people from around the world, many people dream of owning Florida property.
There are downsides of course and the state saw a big one in 2017 as a major hurricane affected almost all of Florida. So how does all of this shape this new year? Cliffco Mortgage Bankers knows our customers are interested in the Florida Real Estate Market so we want to take a look at the year ahead.
Cliffco Helps Customers Achieve the Dream of Home Ownership
At Cliffco, it’s our business to help clients find financing to achieve the dreams of home ownership. We keep our eyes on real estate markets everywhere and we know Florida is a dynamic market. We often talk to clients about property in the state, so let’s take a look at 2018.
Is Florida a Good State to Invest in Property?
There’s a good amount of optimism regarding Florida at the beginning of 2018. USA Today called the Sunshine State one of 10 states that’s predicted to have a strong housing market this year. They cited Deltona and Lakeland as hot markets and predicted that some of the most popular areas may see a five percent boost.
Florida Realtors Chief Economist Brad O’Connor says single family home sales were up 1.6 percent in 2017 over 2016. The statewide median price was up about 8 percent over the prior year. Statistics from Florida Realtors show the median price of a home in Florida was at about $244,000 in December and the average sales price was $320,985.
The Impact of Irma
One of the biggest factors impacting real estate for Florida in 2018 is Hurricane Irma, which struck in September 2017 covering the whole state and doing particular damage to the Florida Keys. While O’Connor says that home sales likely would have grown more in 2017 had it not been for Irma, he believes the impact going forward won’t be significant. “Long-term market impacts from land falling hurricanes are rare and highly localized,” he said. “Long-term sales declines were observed only in coastal areas where a significant percentage of structures were severely damaged by Category 4-plus winds.” He added that sales in areas where homes did not sustain severe structural damage rebounded within a month or two.
Cliffco Can Help You Find Your Florida Property
If you’re interested in purchasing property anywhere in the state of Florida, make Cliffco Mortgage Bankers your first call. We’ll help you decide what types of property might be affordable for you and then we’ll discuss your loan options. We can help you bring a little sunshine into your life if you’re purchasing property. Contact Cliffco today.