01/27/2021
🚨 FL Market Update 🚨
Florida is one of the top states seeing an influx of new residents, while 16 other states have seen their population decline from 2010 to 2020, according to an analysis of the U.S. Census Department data.
FL saw an increase of 241,000 residents, slightly behind the fastest growing state of Texas (with 374,000). These numbers bode well for the future of the Florida economy, while researchers predict a period of economic stagnation in the 16 states which saw population declines. Condo sales in the past week certainly show evidence of this influx, with over 130 condos sold totaling $99.7 million.
“From a real estate perspective, the big story in 2020 was the housing markets ability to weather the COVID-19 pandemic and lead the nation into a period of economic recovery,” Florida Realtors Economic Chief Dr. Brad O’Connor stated. He continued to explain, “the rapid pace of sales we’ve seen in recent months has reduced Florida’s inventory of homes for sale to its lowest level in years.”
With other regions struggling, FL truly is a sellers market. This will likely fuel new construction projects around the state who are rushing to rectify the deficiency in supply with the increasing demand for Florida real estate.