As a New Year approaches, one of the biggest topics in regards to the state of our economy is the housing market forecast. Economists from Core Logic forecast overall growth in home prices nationwide to drop by 1%. Due to higher mortgage interest rates, more consumers will stick with their current home loans with lower interest rates.
Although the housing market is suspected to slow for most of the country, economists do not think Florida will have any problem sustaining growth. Especially the Tampa/Sarasota metropolitan area, which is booming.
There are numerous reasons economists do not expect a slow down anytime soon. One is that the Sarasota metropolitan area has two of the nation's top selling master planned communities: Lakewood Ranch (at #2) and West Villages (#7). Both these communities surpasses 2017 sales records in early December, a sign of continuing prosperity in 2019. The second reason there will be no slow down is the incentive to move to Florida. Consistent year round warm weather, a strong economy and a great tax situation make Florida appealing to many around the nation.
More good news for the local housing market is the consistency of the of pricing and level of home inventories, unlike other markets with hardly anything for inventories and rising prices. An MLS analysis of home sales in the Sarasota metropolitan area "predicts a continued stable housing market for the first three quarters of 2019 with inventory slowly growing and prices increasing in the 4 to 5 percent range."
If you have been pondering selling or buying a home in the Sarasota metropolitan area 2019 is a great year considering all the factors for continued growth. Give us a call today at 941-929-9090 and see what the Power of Platinum can do for you.