Homes prices and jobs continue to rise on the Space Coast, while unemployment stays low.
That pretty much summed up 2018, and it was reflected in two year-ending economic reports..
From the Space Coast Association of Realtors:
The November report for Brevard showed closed sales of residential homes were down 9.2 percent last month — 683 compared to 752 — from the previous November. The median sales price, the point at which half the homes sell for less, half for more, rose 3.3 percent to $225,295 compared to a year ago, which was $218,000.
What does all this mean for next year?
Many Realtors expect to see growth in 2019 on the Space Coast but maybe not as highly charged as 2018. Prices will continue to rise, but the rate of increase might slow.
“I think we’ll see things leveling off,” said Barbara Zapotocky, broker owner at REMAX Aerospace Realty, which earlier this year opened two more offices — one in Cocoa and one in Titusville — for a total of seven locations.
“We’ll still be seeing growth and prices increasing but it might not be as fast-paced as in the past,” she said.
Zapotocky said the two new REMAX Aerospace Realty offices she opened acknowledge the expected growth in the space programs, which are making the northern parts of Brevard more attractive to home buyers.
From Florida’s Department of Economic Opportunity:
November data shows Brevard’s labor force grew by 2.4 percent to 272,532 over the year, while the jobless rate fell to 3 percent from 3.9 percent a year earlier.
The number of people working in jobs in that period grew by 3.3 percent to 264,225.
The number of people without jobs fell nearly 2 percent over the last 12 months to 8,307.
In Brevard, and other parts of Florida, the November employment report gave Gov. Rick Scott a reason to boast as the Republican governor prepares to join the U.S. Senate.
Florida’s unemployment rate dropped in November from 3.4 percent to 3.3 percent, the lowest level in 12 years. Every county in Florida has experienced a drop in the unemployment rate since December 2010.
“Being governor is the best job in the world, and I am excited about the economic success that Florida has been able to achieve over the past eight years,” Scott said in a statement.
“Our unemployment rate being at 3.3 percent and nearly 1.7 million jobs being created since December 2010 has allowed so many Floridians the opportunity to live their dreams in the Sunshine State.”
According to a recently released report by the U.S. Census, Florida gained more than 322,500 residents over the year.
While that population gain may expand the tax base and lead to more jobs in the services industry, it also means more pressure on programs and infrastructure.
Contact Price at 321-242-3658 or firstname.lastname@example.org. You can also follow him @Fla2dayBiz