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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