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MARKET WATCH 

TIME-SHARING
TIME-SHARING

MARKET WATCH 

BY: DIANE LOTT, BROKER     

PARADISE FOUND REALTY

Single Family Homes

         * SEP 2022

        SEP 2021

      % Change

Closed Sales

             160

            189

          -15.3%

Median Sale Price

         $551,000

       $455,000

          21.1%

Active Inventory(# homes)

              486

           290

           67.6%

Cash Sales %- Closed Sales

             37.5%

           37.6%

          -0.3%

New Listings

              173

           217

         -20.3%

New Pending Sales

              132

           215

         -38.6%%

SUMMARY:  The Median Sales Prices and Inventory are both up, but there are fewer closings.

New Listings have dropped more significantly along with homes that have active contracts for sale.

 

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 now have more leverage. 

    *  SEP 2022

       SEP 2021

        % Change

Closed Sales

            84

             118

             -28.8%

Median Sale Price

        $299,000

        $236,450

              26.5%

Active Inventory

          217

             117

              85.5%

Cash Sales %

           52.4%

            57.6%

              -9.0%

New Listings

           97

              96

               1.0%

New Pending Sales

           77

            112

             -31.3%

SUMMARY:  Closed Sales, Cash Sales % and Pending Sales are all down.

Sales Prices continue to elevate and the number of homes coming on the market are up by 86%. 

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.

Your Martin County Concierge Real Estate Company

 Email:  diane@paradisefoundrealtyfl.com

Website:  www.ParadiseFoundRealtyFl.com

 

Email:  Diane@ParadiseFoundRealtyFl.com

Website: www.ParadiseFoundRealtyFl.com

Phone:  954-294-5060

Your  Martin County Concierge Real Estate Company!

 

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