In addition to the weather being good and interest rates still at historical lows, Florida does have a lot of momentum in real estate.
"The housing market continues to thrive on the growing Florida economy – jobs are up and so are sales," says Florida Realtors Chief Economist Dr. John Tuccillo. "The continued fall of cash sales as a percentage of total sales suggests that demand is increasingly coming from household owner-occupants, a trend that bodes well for market stability. Days on the market are down, as is inventory, particularly at the low end of the market. This points to a potential sweet spot for homebuilders.
"If there is a concern in the market, it lies in the upper-middle price ranges, where inventories and time on the market are up even though sales growth is strong," adds Tuccillo. "This will bear watching over time."
As usual, some areas perform better than others and some types of property will be in higher demand than others. We have seen this in the shift from investors to individuals.
The good news is the trend upwards is continuing.