Reports from the Florida Realtors 2015 Economic Summit include many positive predictions for this year. Not that it is surprising, seeing as the Jack Elkins team has had an incredibly strong start to the 2015 real estate sales season and it has barely just begun. From Dec. 1, 2014 to January 31, 2015, we have had 7 transactions, totaling $45,209,999.00 in sales.
Panuccio, one of the business and economic leaders speaking at the summit, recapped many of the economic improvements witnessed in 2014 and what economic trends will continue through this year. The main focus of the summit, however, was that Florida has been reestablished as a destination state.
Last year, Florida’s private sector growth rate was 3.4 percent, surpassed only by Texas. Job growth has also increased in accordance to the population growth. This is a great sign for the state and the investors. “Our labor force is growing over four times faster than the national labor force (over the past year),” noted Panuccio. “Of the 10 largest states, we are the fastest-growing labor force in the country.”
What can we expect to see more of?
In the past year we have seen a significant job growth, a high percentage of those jobs are paying more than the average. Mortgage interest rates remain relatively low. Millennials, a large demographic group, are entering the real estate market. These trends are the ones we’re focusing on for 2015 and conclude with the following predictions:
- Sales will continue to rise; we should see about a 10 percent growth.
- Balanced inventory: buyers will have more selection available.
- Investor participation will decline at a steady and stable rate.
- We will see more new construction.
- International sales will remain strong.