2017 Housing Market Overview
January 23, 2018 | Elite Realty
2017 brought a significant amount of political, economic, and natural-disaster-related happenings and many of these events resulted in some type of impact to the housing market in Southwest Florida.
There was an increase in new home building permits issued, which is a welcomed relief for an industry that continues to function with shortages in for sale inventory.
Pending sales, closed sales and home prices for the region have all shown increases for 2017.
Hurricane Irma caused significant damage to the Southwest Florida area in September, but those who own homes in the area responded quickly to evaluate and repair damages to their homes. The speed at which the area bounced back after the hurricane was more rapid than expected and showed the true resilience of the Southwest Florida housing market.
The tax overhaul was another top news story in 2017 that is expected to have an impact on Southwest Florida and the state as a whole. The Florida Chamber of Commerce says the tax overhaul is a plus for businesses looking to relocate to the Sunshine State. The benefits for businesses moving to Florida include no personal income tax and good statistics with regard to various rankings of state business-friendliness. I
Despite numerous challenges throughout 2017, the Southwest Florida housing market has persevered, showing stability, growth and that the area is malleable in the face of change. The outlook for the coming year is a positive one as industry experts look to a strong local and national economy, continued job growth slowly pushing up wages, a greater number of homes on the market, increased number of sales, and an increased number of homeowners with equity.