University of Central Florida released its quarterly report this past week, which suggested that 2015 would bring further economic prosperity for the state and boost the already strong housing market, giving residents reason to smile while welcoming in the new year. Dr. Sean Snaith directed the report, and he along with his team found that the recession hit Florida particularly hard, but during the past few years has rebounded substantially. The quarterly report predicted a total growth of 2.6 percent at the close of 2014 and a 2.7 percent growth during 2015, which illustrates the stability of our developing economy.
Snaith and his team focused specifically on the housing market, as it is one of the Florida’s more important industries and has seen the most change recently. Median home prices will continue to be on the rise, with the average having increased from $122,200 to $177,000. This trend is great news for mortgage holders who will be able to rest easily as the value of their property goes up, and coupled with the demand for real estate in the state will further stimulate the economy as a whole. The UFC also saw a more than four percent drop in all-cash sales during the past year, which predicts a rise in more traditional buyers throughout the state and a stronger market overall. This study reflects the widespread prosperity throughout Florida and predicts even more financial success to come with the new year.
Miami properties in particular have seen a rise in demand as a result of this rebounding economy, with new listings selling quickly and close to the list price. South Florida is becoming increasingly popular as both a commercial and residential area and people are clamoring for available property before it gets snapped up. If you are interested in the luxurious real estate currently on the market then contact a RE/MAX agent today and they can assist you with all your real estate needs.