💪 Florida salary surge, St. Pete Sprouts & Tampa home values rise
Mark Fazzini
Meet Mark Fazzini - Ranked #2 Team with Re/Max Realtec, #30 for Team Commissions earned in Florida and #50 in the Country with Re/Max for 2023! ...
Meet Mark Fazzini - Ranked #2 Team with Re/Max Realtec, #30 for Team Commissions earned in Florida and #50 in the Country with Re/Max for 2023! ...
💸 Florida's Wage Growth Surpasses National Average
Driving the news: A recent ADP report indicates Florida's wage growth is surpassing the national average, with workers in the state experiencing a 5.6% increase in median annual salary, reaching $51,900.
Details: The report examines salary trends for nearly 10 million individual employees over a 12-month period.
This analysis shows that Florida's wage growth rate outstripped the national average of 5.1% for those in continuous employment over the past year. Florida's wage growth was 5.6%.
Why it matters: The increase in wages, particularly in Florida, signifies a robust economic environment and reflects sector-specific growth.
It's a critical factor for economic policy and individual financial planning.
The big picture: Nationwide, the median annual pay gain for job stayers was the smallest since August 2021.
However, job switchers saw a median pay increase of 7.6%, marking the first rise since November 2022.
What’s next: According to ADP's Chief Economist Nela Richardson, while pay gains are moderating, they remain above inflation, indicating a balanced labor market that may not heavily influence Federal Reserve rate decisions in the near term.
The bottom line: Florida's wage growth outpacing the national average reflects a strong state economy and dynamic job market, with significant implications for workers and policymakers alike.
🏠 Step Inside a $799,900 Luxury Home in Odessa
🏗️ $750M Development w/ Sprouts to Transform St. Pete
Driving the news: Altis Cardinal is set to begin a $750 million redevelopment of St. Petersburg's Skyway Marina District, starting with the construction of Sprouts Farmers Market as the development's anchor.
Details: The project, now named Sky Town, will replace the old Ceridian office campus at 3201 24th St. S.
This massive 34-acre development will feature 2,084 residential units and 92,000 square feet of retail space, to be completed in six phases.
Why it matters: This redevelopment aims to transform the Skyway Marina District into a vibrant, mixed-use community, catering to young professionals and modern consumers, indicating a significant urban renewal and economic boost for the area.
The big picture: Sky Town is a long-term project, with construction of the first multifamily phase set to begin in early 2025.
The inclusion of Sprouts and other retail elements aims to create a "front door" to the community, signifying the start of broader development efforts.
Between the lines: Altis Cardinal's strategic tenant selection and design approach reflect a desire to foster a trendy, community-oriented environment that appeals to the lifestyle of future residents.
What’s next: Following the start of Sprouts' construction in the coming months, the focus will shift towards groundbreaking the residential phase and continuing the development in stages, with ongoing community engagement and preparation for subsequent phases.
The bottom line: The Sky Town project represents a significant investment in St. Petersburg’s growth and development, potentially setting a new standard for urban living and economic vitality in the Skyway Marina District.
💪 Tampa Bay Metro Home Values Rose $24.2B in 2023
Driving the news: The Tampa Bay metro area's home values increased by $24.2 billion in 2023, a 4.7% rise, slightly trailing the national growth rate, as per a Redfin report.
Details: The total estimated home value in the Tampa-St. Petersburg-Clearwater area reached $538.50 billion by year-end.
Nationally, the home value growth was reported at 5.3%, with the total U.S. market valuation hitting $47.5 trillion.
Why it matters: The rise in home values signifies a robust housing market in Tampa Bay, despite the national trend of slowed growth.
This local surge contributes significantly to homeowner equity, impacting both the regional economy and individual wealth.
The big picture: Redfin's analysis covered over 90 million U.S. residential properties, highlighting a nationwide housing wealth increase, partly due to a persistent supply shortage.
This shortage has kept home values buoyant, even amidst varying market demands.
Between the lines: The national upswing is attributed to the aftereffects of the pandemic's housing boom and a recent uptick in new constructions, despite a slowdown in 2022.
Tampa Bay’s market outperforms some regions with its substantial inventory growth, ranking third in the U.S. for increased active listings.
What’s next: Economic forecasts suggest potential relief for homebuyers, with anticipated mortgage rate declines by the end of 2024, possibly easing the path to homeownership.
The bottom line: Tampa Bay’s real estate market showcases resilience and growth, benefiting current homeowners.
📊 Our Current Local Market Numbers
The Pinellas and Tampa Bay markets are heating up as we get closer to spring.
If you are looking to buy or sell a home in the next few months, you'll need a strong strategy to navigate the nuances of this market.
I'm happy to help you create a plan that will allow you to succeed in the current market.
If you ever have questions, don’t hesitate to ask.
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- That’s all for today, We hope you have an amazing week!
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