MARKET WATCH OCTOBER 2022
BY: DIANE LOTT, BROKER
PARADISE FOUND REALTY
CLOSED SALES OF SINGLE-FAMILY HOMES
|
Single Family Homes |
OCT 2022 |
OCT 2021 |
% Change |
|
Closed Sales |
134 |
210 |
-36.2% |
|
Median Sale Price |
$568,250 |
$495,000 |
14.8% |
|
Active Inventory(# homes) |
521 |
251 |
107.6% |
|
Cash Sales %- Closed Sales |
46.3% |
43.3% |
6.9% |
|
New Listings |
181 |
189 |
-4.2% |
|
New Pending Sales |
122 |
197 |
-38.1% |
SUMMARY: The Median Sales Prices are still on an upward trend. The number of homes on
the market has more than doubled, but there are significantly fewer closings.
Pending Sales or Homes “under contract” have fallen off considerably.
CONDITION: The trend over the last 2 months is demonstrating that the “red hot” market is slowing.
Sellers are beginning to reduce their asking prices to compete for the available buyer pool that still are willing and able to participate. As interest rates have increased to almost double what they used to be and in the wake of the current inflationary situation, buyers are taking a seat on the sidelines to see what the future holds. The current market reflects more of a shift towards the buyer pool because they are gaining more leverage.
CLOSED SALES OF TOWNHOMES/CONDOS
|
OCT 2022 |
OCT 2021 |
% Change |
|
|
Closed Sales |
97 |
102 |
-4.9% |
|
Median Sale Price |
$299,900 |
$206,500 |
45.2% |
|
Active Inventory |
245 |
105 |
133.3% |
|
Cash Sales % of Closed Sales |
57.7% |
66.7% |
-13.5% |
|
New Listings |
96 |
92 |
4.3% |
|
New Pending Sales |
60 |
102 |
-41.2% |
SUMMARY: Closed Sales, Cash Sales % and Pending Sales (homes under contract) are all down.
The number of properties on the market has more than doubled since this time last year.
CONDITION: Even though there is a significant increase in inventory and sales prices are up for the
Townhouses and condos closing, closed sales and potential closings are down. It has been reported that over 60% of ALL contracts, single family as well as multifamily dwellings, were cancelled last month due to rising interest rates and buyers that no longer qualify for their mortgages.
There is a market adjustment coming.
Email: [email protected]
Website: www.ParadiseFoundRealtyFl.com
Phone: 954-294-5060
Your Martin County Concierge Real Estate Company!