So, what exactly is an emerging housing market index and why is it so important?
An emerging housing market index measures the top metro areas for homebuyers seeking an appreciating housing market and attractive lifestyle amenities. It’s important because potential buyers look at regions when making lifestyle changes for retirement or just improved quality of life that will also be a good investment. And according to realtor.com’s index published in January, we are in the hub of one of the hottest emerging housing areas in the country.
Out of the top 20 national emerging housing markets in the country, Florida had five, four on the west coast and one on the east coast. Naples/Marco Island came in first as the top emerging housing market; North Port/Sarasota/Bradenton came in second; Cape Coral/Fort Myers came in sixth; Punta Gorda came in 15th and Sebastian/Vero Beach came in 19th.
This is in addition to Zillow naming the Tampa Bay region the hottest housing market for 2022 at the beginning of the year. And let’s not forget that Redfin published a list of the 10 hottest neighborhoods for 2022, which included eight in Florida.
Do we even need to point out the reasons Florida is at the top of all of these surveys? Weather, taxes, ability to work remotely, early retirement and safety relative to the big northern cities where more and more people are relocating from. Noted in all of these surveys is the fact that more buyers are relocating to the west coast from the northeastern cities than previously when most of the incoming homeowners were from the Midwest.
It seems like almost every day we hear about a new subdivision or condo association being approved by Manatee County for development. The latest was 57.55 acres on the north side of Cortez Road near the Palma Sola Boulevard intersection. This construction is slated for 148 multifamily units/44 townhomes as well as multi-family buildings over parking. This complex is very near the Lake Flores and Peninsular Bay developments which have not yet started construction but involve thousands of new residents.
I haven’t seen any listing prices set for this community yet, but since new construction prices change weekly, I’m sure what is valid now may be totally understated in six months. As I ride around the west side of the county, I see new construction asking prices changing faster than I ever thought possible. Much of this acceleration in price has to do with more expensive building costs and lack of building products. However, the demand for Florida real estate, especially new properties, is not easing up.
By the way, if you’re looking for the January sales statistics, they will be in next week’s column. The Realtor Association of Sarasota and Manatee had a processing delay.
A couple of days ago the traffic going west to the island on Cortez Road was backed up at 9:30 in the morning. Watch out Anna Maria Island beaches – if you think Cortez Road is backed up now, you ain’t seen nothing yet. Emerging indeed; as usual, be careful what you wish for.
