Marla Martin, Communications Manager,
or Jeff Zipper, Vice President of Communications
407/438-1400, ext. 2326 or ext. 2314
Housing Market Bouncing Back:
U.S. Economists at Florida Realtors®
2012 Real Estate & Economic Event
ORLANDO, Fla., Dec. 7, 2011 – Despite national and global headwinds,
Florida’s real estate market is entering 2012 on an upward trend, according to
three leading U.S. economists.
“Our state is in a mini-recovery,” said Florida Realtors®
Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate
and Economic Forecast Conference in Orlando. “Sales are trending up,
listing inventories are falling, the supply of lender-related properties has
stabilized, and we are seeing multiple offers on homes in some local markets.”
Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C.,
said the U.S. economy will continue to face significant challenges, particularly
financial concerns related to the European debt crisis. But he expects the U.S.
economic recovery will continue next year, making it easier for Midwesterners,
for example, to buy Florida homes.
“Florida’s economy is recovering, with tourism and healthcare
leading the way,” Vitner said. “On a national level, we expect the U.S. will
not fall into recession next year, although Europe faces serious problems.”
Dr. Lawrence Yun, chief economist for the National
Association of Realtors®,
said many Florida markets are showing sharp drops in inventories of homes for
sale – a sign that demand is picking up and prices are stabilizing. “That’s a
major change from just a year ago,” he said. “Buyers have stepped back into the
Noting the state’s powerful appeal to international buyers,
Yun said he was particularly optimistic about the outlook for South Florida.
“Don’t be surprised to see a gain in home prices in the Miami and Naples
markets in the next 18 months,” he said. “From there, the recovery is likely to
roll northward to Central Florida and then North Florida.”
Tuccillo noted that foreclosed and distressed properties
will remain a significant part of the Florida market in 2012, but lenders are feeding
these properties into the market at a gradual pace rather than pushing them out
all at once.
The event also featured a panel
of Florida real estate professionals, who discussed the 2012 outlook for
several sectors of the state’s real estate market from a practitioner’s point
of view. Panelists were Clark Toole, president and COO, Coldwell Banker
Residential Real Estate Inc. in Florida, discussing residential real estate;
Cynthia Shelton, 2009 president of Florida Realtors and a director at Colliers
International in Orlando, discussing the commercial market; and Dean Saunders,
accredited land consultant and broker-owner
of Coldwell Banker Commercial Saunders Real Estate in Lakeland, covering the market for land and undeveloped
Florida Realtors real estate and economic summit was webcast to 32 local
association or satellite sites around Florida. “Turnout was high for our
statewide event,” said 2011 Florida Realtors President Patricia Fitzgerald,
manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner
Sands Country Club in Stuart. “We hope to hold more of these forums on a
regular basis – sharing knowledge of market trends is a powerful way for our
Realtor members to connect with buyers and sellers.
Florida Realtors®, formerly known
as the Florida Association of Realtors®, serves as the
voice for real estate in Florida. It provides programs, services, continuing
education, research and legislative representation to its 115,000 members in 64
boards/associations. Florida Realtors® Media Center
website is available at http://media.floridarealtors.org.