1,060 new Floridians every day

For a half-century, Florida has trailed only California in net migration, averaging three million in population growth during each of the last three decades. "This decade will bring the 'largest absolute population increase of any decade in Florida’s history,' another 3.6 million," reports Stanley K. Smith, Director of the University of Florida’s Bureau of Economic and Business Research. In just four years, Florida will pass New York as the third-largest state. Most people site the “weather” as the main reason for this dramatic growth, the real reason is economic opportunity, states Tim Chapin, FSU professor. Florida routinely leads the country in job growth and 2005 was no exception.

David Lereah, Chief Economist at the National Association of Realtors painted a long term positive picture for real estate in Florida based upon a very good state-wide economy and the tremendous demographic trends which will propel Florida into the third largest state within a few years. Lereah pointed out that Baby Boomers are still buying second homes and the massive Generation Y are about to enter their home-buying years and this generation will follow the job market which is booming in Florida. He also noted the large immigrant growth which Florida again ranks very high in as a reason for continued price appreciation in Florida real estate. He also dismissed widespread concerns about affordable homes in Palm Beach County and the Treasure Coast. “They’re still affordable, particularly when the demand is coming from the Northeast,” Lereah noted.

Home prices continued on an upward trend statewide as the median price rose 17 percent from a year ago to $248,200. Nationally, the median was $218,000 up 7 percent. Palm Beach County median price increased to $393,700 in March from $371,500 in March of 2005. The Treasure Coast rose to $258,000 from $235,000 a year ago. In Broward County, the median home price increased 11 percent over one year ago to $368,000 and in Miami-Dade the increase was 19 percent. Realtors in the tri-county area have indicated that their inventory of product is the best in 5 years and the opportunity for buyers to find the right home has never been better.

Posted by Donald Urschalitz P.A. at June 23, 2006 11:58 AM