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Tuesday, February 14, 2017

2017 Dr Phillips Real Estate Forecast


I came across this article the other day, "Will 2017 be a buyer's or seller's market" and decided to take a hard look at my area of service Dr Phillips real estate.

Before I jump into the Doctor Phillips market, let's look at the four economist talking points.
  • Next year will likely remain a seller's market in most markets, but buyers might have their day in 2018 or 2019.
  • Future buyers will be "less white and a little younger."
  • “While I expect inventory levels to rise in 2017, it will likely remain a seller’s market,” said Matthew Gardner, chief economist at Windermere.
As much as I respect and admire economists prognostications there is one very important variable left out of their evaluations...real estate is about local markets

Sure a broad stroke of the North America real estate market is interesting but buyers purchase in local markets.  So much so that Southwest Orange County Florida that consist of the Dr Phillips, Windermere and Winter Garden communities, all have different real estate trends and forecast. 

Further more any projections a couple of years out are just guesstimates, there are to many variables that can, and most likely will, have a huge effect on real estate values to predict. 

As of this writing there are 205 single family Dr Phillips homes for sale with an average days on market of 156 days, that's one indication of a trending buyer's market.  

Dr Phillips real estate

Additionally this past year and a half the Dr Phillips real estate market has been receiving growing competition from the New Horizons West area located off the 429 Independence exit in Winter Garden.  

In the boom of 2005 it was very difficult getting buyers up the 535 towards Windermere and Winter Garden but that has changed. The Cove at Hamlin, Hamlin Reserves and Overlook at Hamlin located in New Horizons West are very popular among today's buyers and after visiting very difficult to turn back towards Dr Phillips.  

Dr Phillips is and always will be a sought after community but there is formidable competition attracting 2017 buyers. 

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