In the short-term, history tells us we will likely see some level of reduced demand in our area due to Ian. That said, given how we avoided the worst of the storm when compared to our neighbors to the south, I expect that the hurricane reduction to be less than what we experienced post-Irma in 2017.
With the already softening national economy, it will be hard to pick apart the Ian impact from the general overall changes in the market. The good news is that hurricane impacts are generally short-lived. By next season, I don’t expect there will be any material carryover from this storm.
Most people that already had their mind made up on moving to Florida will still move to Florida. Further, some people that were planning on moving to SW Florida will decide to come a little further north. Lakewood Ranch will likely benefit even further as its distance from the water makes it a perceived safer bet.
The markets for waterfront homes and condos will likely face the most uncertainty for the remainder of 2022. It will likely be a bit of a slow start to the winter selling season for both. That said, opportunists will ensure that we don’t see too much discounting as we go forward. The fundamentals of growth in Florida are still very strong, and I tend to agree with the forecasters projecting continuing gains in the value in existing homes along with a substantial amount of new construction through the remainder of the decade. That said, we must keep in mind that neither will move in a straight line.