July Statistics show Market Favor Shifting from Sellers
BY: DIANE LOTT, BROKER
PARADISE FOUND REALTY
Single Family Homes
Single Family Homes |
JUL 2022 |
JUL 2021 |
% Change |
Closed Sales |
136 |
256 |
-46.9% |
Ave. Sale Price |
$811,762 |
$679,242 |
19.5% |
Median Time to Sale |
54 Days |
55 Days |
-1.8% |
New Listings |
263 |
248 |
6.0% |
Active Inventory (# of homes) |
493 |
305 |
61.6% |
Months’ Supply of Inventory |
2.6 |
1.2 |
116.7% |
SUMMARY: Over a year period, the market demonstrates stabilization since Sept. 2021. New Listings, Active Inventory and Supply are all up providing more choice for buyers and sellers competing for the buyer pool.
CONDITION: : Stabilizing Market with a shift towards the buyer as reflected by increasing inventory and slowing of sales. The market slightly favors the seller but is equalizing. Closed Sales are down by 46% from July 2021 while the number of homes entering the market have increased by 61% from the same time last year. Sellers are beginning to compete a bit more for the pool of available buyers. Sellers have been lowering their asking prices due to multiple reasons; inflation and rising interest rates amid buyer “cool down”.
TOWNHOMES & CONDOS
Townhomes & Condos |
JUL 2022 |
JUL 2021 |
% Change |
Closed Sales |
78 |
110 |
-29.1% |
Ave. Sale Price |
$299,794 |
$267,182 |
12.2% |
Median Time to Sale |
54 Days |
58 Days |
-6.1% |
New Listings |
117 |
108 |
8.3% |
Active Inventory (# of homes) |
198 |
131 |
51.1% |
Months’ Supply of Inventory |
2.0 |
1.1 |
81.1% |
SUMMARY: Closed Sales have decreased for the past 4 months. Increased inventory and supply of listings are providing more competition amongst buyers.
CONDITION: Stabilizing Market with a shift towards the buyer as reflected by increasing inventory and slowing of sales.
Be Well!
Diane
Diane Lott, Broker
Owner: Paradise Found Realty
Paradise Found Realty, Inc. of Palm City
Your concierge real estate company. Call for your home visit today: 954-294-5060
Call to schedule a visit today: 954-294-5060
Email: Diane@ParadiseFoundRealtyFl.com
Website: www.ParadiseFoundRealtyFl.com
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