According to an article published in the Sarasota Herald, Economist Sean Snaith predicts that our Florida economy will venture into the trillion dollar territory in 2018.
Job growth and home construction are the driving factors. Baby boomers are retiring and relocating here as our favorable corporate tax structure is drawing new jobs noted by Florida outperforming the United States labor market.
If this holds up to be true it would rank Florida as one of the top 20 economies in the world.
But some fear with the fast pace of our recovery we are heading into another housing crisis or bubble. A housing bubble? More like a housing shortage the article goes on to say.
This rings true for our local Naples market where there are currently 544 homes listed for sale in the areas boarding Naples beaches (Port Royal to Park Shore). In these same areas over the past 6 months 547 homes have gone pending and or have closed leaving us with a slight shortage of homes. We currently have a 5.9 month supply, a 6 month supply is considered balanced.
Summer buying has become a relatively new trend in Naples but certainly a strong one. 222 of the 544 homes that have pended and or have closed did so in the past 2 months.
All of this information leads me to believe our market is fairing well, still has legs and will live up to Sean's predictions.
Scott Pearson GRI, CRS