Real estate investment trends in Florida and Nevada from David today: Economic Uncertainty and Forecast – Forecasters speculate that the Federal Reserve may slash the overnight funds rate in the coming year as inflation cools. This move could potentially provide a boost to the real estate market. However, given the unpredictable macroeconomic climate, the actual trajectory of the economy in 2024 remains uncertain. In December, there were 1,518 single-family houses sold, marking a 5.8% increase from November but a 1% decrease from December 2022. The median sales price of previously owned single-family homes in December was $449,900, showing a $100 drop from the previous month but a 5.9% increase from the prior year. The year started at $425,000, reflecting a 5.9% year-over-year increase. Read more info at David Frear.
Will the Housing Market Crash in Florida? Population growth, and particularly growth in the number of households, lead to a growth in housing demand. Real estate is subject to the law of supply and demand: when there are more purchasers than available homes, prices rise. Since the 1940s, Florida’s population has increased year after year, often outperforming the national average. However, like the rest of the United States, growth plummeted to historic lows during the initial years of the pandemic until rebounding last year. Florida is now America’s fastest-growing state. According to recent census data, the Sunshine State added over 400,000 additional people between July 2021 to July 2022. It was a growth of 1.9%, bringing the total population to 22,244,823. That makes it faster-growing than Texas, which has the second-largest population in the United States, trailing only California.
A Las Vegas commercial property was recently acquired by a Los Angeles-based real estate investment company that plans on repositioning it and adding value. BH Properties acquired the Addison Complex facility for a fee of $2.8 million, from seller VanMeetren Family Limited Partnership. BH Properties worked with David Frear, Senior Vice President of Colliers International during the transaction, while the VanMeetren Family Limited Partnership was represented by Charlie Mack, a president and broker with Mack Realty.
VanMeetren Family LP sold the multi-tenant Addison Complex industrial building at 4680 W. Russell Rd. in Las Vegas, NV to BH Properties for $2.8 million, or about $66 per square foot. Delivered in 1984, the 42,471-square-foot building sits on 2.7 acres in the SW Las Vegas Industrial submarket of Clark County and features ten drive-ins, building signage and a fenced lot. The buyer plans to significantly upgrade the building and rearrange the property to just two tenant spaces. David Frear of Colliers International represented the buyer. Charles Mack of Mack Realty represented the seller.
Wauchula, FL: Another msa exhibiting promising prospects is Wauchula, with an expected rise of 8% in home prices by the end of 2024. The region’s real estate market is set to witness positive momentum, making it an area to watch for those interested in property investment. Palatka, FL: Positioned for growth, Palatka is projected to experience a substantial increase of 7.9% in home prices by the close of 2024. This msa’s attractiveness may be attributed to various factors, such as economic development, amenities, and overall livability.
The Las Vegas real estate market has been on a remarkable journey, but in 2023, we see some notable shifts: The Las Vegas housing market is showing signs of cooling down. Sales activity decreased in 2023, and there was a significant drop in new listings. The increased months of supply also indicate a more balanced market, suggesting a cooling trend compared to previous months. The reduction in home prices also presents opportunities for buyers looking for more affordable housing options. However, while prices may have eased slightly, finding a home in Las Vegas remains a challenge due to low inventory. This means that competition among buyers, especially for properties in desirable locations and price ranges, remains fierce.
So, will the Florida housing market crash in the next five years? It is impossible to say for sure. However, there are both positive and negative factors that could influence the market. Let’s take a look at the latest housing market trends in Florida. Florida’s housing market is poised for optimism in 2024. Several factors contribute to this positive forecast, providing a favorable environment for both buyers and sellers in the state such as a significant slowdown in inflation, leading the Federal Reserve to halt its rate hikes. Consequently, mortgage rates are expected to have reached their peak. This stabilization in mortgage rates is a crucial factor contributing to the positive outlook for Florida real estate in 2024. Homebuyers can anticipate more stable and potentially lower mortgage rates, enhancing affordability.