Now that December is here, my Southwest Florida real estate team is starting to review how our market shaped up for the year. That means digging into the trends that defined SWFL properties, from Sarasota to Marco Island. Having this understanding is critical for providing our clients with the best guidance when it comes to buying or selling a home in Southwest Florida. In addition to regularly reviewing the data, we also like to anticipate what we might see in the coming year.
A Phenomenal Year for Southwest Florida Real Estate
Throughout this year, my team saw strong signs that our regional real estate market is healthy and growing. Home values have continued to strengthen in key areas of the region, and we’ve experienced a surge in business for my team. And it’s not hard to imagine why this is the case: while the rest of the country’s prices have gone through the roof, SWFL has remained affordable. This is while amenities in the area grew as well.
Hurricane Irma’s Effects on the Area
Of course, we can’t do a 2017 Southwest Florida real estate wrap-up without talking about Irma. With the storm came plenty of questions from just about everyone I know. And that’s perfectly understandable. From flood insurance to buying trends, Irma had the power to shake up lives and the market. But in reality, once it had passed, we learned a few vital lessons. First, Florida has become amazingly efficient at dealing with post-hurricane situations. It’s hard to explain or capture this in words, but just the sheer number of utility workers, from as far away as Wisconsin and Montana that came to our support was outstanding. And best of all, even though we experienced a slight dip in the real estate cycle, life returned to normal fairly quickly, all things considered.
Tax Concerns have been on Everyone’s Mind
Of course, just as everyone has been talking about tax bills on the national stage, this topic has been at the forefront of anybody’s mind that is buying or selling local real estate. And with the news of the Senate’s bill hitting airwaves this week, many people are wondering how their unique situation will be impacted. This is one we’ve kept a close eye on as the conversation developed during the year, and a topic we expect to monitor into 2018 for our clients.
The Larger Economic Perspective
And speaking about the larger, national perspective, 2017 brought with it new all-time highs for the stock market, in addition to real estate markets strengthening in many areas of the US. While Southwest Florida isn’t totally reliant on tourism dollars, it is good to see healthier signs from an economy that some feared was still showing symptoms of slowing down. For us, it’s meant that business has continued to set up shop in our area, contributing to a burgeoning economic sector that’s more diverse, with more opportunities. And that’s something I think we can all get behind.
Have a question or two about where Southwest Florida real estate in 2018? Send me an email, and I’d be happy to chat!
Terry Records
Broker/Owner
Records Results Real Estate
Residential Sales and Property Management Service