Economic indicators in Florida are favorable as attitudes about the future economic condition continue to improve. The University of Florida’s Consumer Sentiment index rose 3.9 points to 93.3 in September. Florida’s economy continues to expand with over 230,000 new jobs since last year. Education and health services gained the most jobs — professional and business services, and leisure and hospitality jobs were runners-up.
Job Growth and Real Estate in Naples, Florida
In a 2019 study by AdvisorSmith analyzing U.S. Bureau of Labor Statistics and U.S. Census Bureau reports, Naples ranked #10 among midsize markets with a 10% job growth over the last three years. In Naples, there has been a growing demand specifically for cooks and health care practitioners. We’re seeing the impacts of this growth as the Golisano Children’s Hospital expects serious advancement at its Naples location through its secured agreement with the NCH Healthcare System. The pediatric specialists are preparing for an expansion that includes the addition of a 4,000 square foot $1-million cancer center, as well as a hiring response to the increased diagnosis of autism in the region. With the growing job market comes increased housing needs.
Recent Real Estate Report
Interest rates are improving as well; the benchmark 30-year fixed-rate mortgage fell in September to 3.91% — a year ago it was 4.92%. In Collier County, August 2019 saw a 7% increase in the number of closed sales, an inventory reduction of 18%, a 4% increase in days on market and a .2% decrease in median closed price compared to August 2018.
More homes are selling than last year, and consumers are becoming more price sensitive — some speculate a nervous tension in response to the ongoing trade war with China and higher tariff threats. For investors, it’s a good time to buy to rent as home prices come off the recent high and price sensitivities give way to stronger buying power; more jobs are shifting to the area and the demand for housing continues to rise.
Resources: Florida Realtors, Naples Weekly, News-Press, Nabor, Florida Trend