HOUSING AND THE ECONOMY PROVIDED GOOD NEWS IN 2016

By Theresa Swanson

Simply put, 2016 wasn’t a pleasant year. From the world stage to the local scene, it seemed as though every time we turned on the television, we learned of a new atrocity.

So for many, it’s hard to find any bright spots in a year that was such an emotional roller coaster. But if you turn to Central Florida’s housing industry you won’t just see a glimmer of positive news — you’ll see a beam of light shining down.

When I first started writing this column nearly seven years ago, the situation was pretty bleak. Housing was in shambles; many people owed more on their homes than they were worth. The job market was, at best, precarious, and everyone was anxious.

But slowly, it began to change; the economic slide was halted and confidence in the future began gradually to return.

In Central Florida, the decline in home values has been reversed. In fact, average home values increased by a whopping 12 percent in 2016, and are expected to continue that upward trajectory through 2017.

The number of sales also increased by 12 percent, creating a shortage of inventory and a strong seller’s market. 
Central Florida has remained on Forbes’ list of the best places to invest in real estate for several years, this year rising to No. 3, behind only Dallas and Jacksonville.

The magazine cited the region’s 7.2 percent population growth over the past three years and its 4.4 percent annual job growth, and predicted a 28 percent increase in property values over the next 36 months.

So when we look back at 2016, it may not have been perfect — but it wasn’t as dire as it often seemed. As a matter of fact, I think we’ll be okay.