There has been a lot of talk lately about the real estate market. Is it crashing? Is it booming? Is it a buyers or sellers market? Are prices going up or down? National news keeps giving their opinions to these questions. Well here is mine!
Don’t listen to or believe the national news! Every market is different. Real estate is local to each market and Florida is unique from all other states. Local real estate is still strong for our area!
I just closed on three deals last week and their list to sell ratios were 93.3%, 98.3% and 100%. Price it right and it will sell.
Three key indicators of a real estate market are: Active inventory, median sales price, and median time to sale. We can see that as inventory goes down, median sale price starts to increase. It’s a simple display of supply and demand – the less there is of something, the more expensive it will be. However, things may be starting to shift. After bottoming out in February 2022, active inventory has increased each month. While the median sale prices are still high, the pace of growth has started to slow, perhaps an indication that more inventory is lessening the competition among buyers who can put more reasonable deals together. Then you have to consider how long deals are taking to go from list to closed. The faster this pace, the “frothier” the market.
No two parts of Florida are the same (let alone different states) and neither are their real estate markets. Having a realtor that understands the local market is so important. If you ever have any questions I would be more than happy to help!
Go to https://www.floridarealtors.org/news-media/news-articles/2022/09/using-sunstats-changing-market to see more statistics for Florida.