THE HONEST BROKER: MARKET WATCH JANUARY 2023
BY: DIANE LOTT, BROKER
PARADISE FOUND REALTY
CLOSED SALES OF SINGLE-FAMILY HOMES
|
Single Family Homes |
JAN 2023 |
JAN 2022 |
% Change |
|
Closed Sales |
113 |
142 |
-20.4% |
|
Median Sale Price |
$574,000 |
$523,175 |
9.7% |
|
Active Inventory(# homes) |
530 |
152 |
248.7% |
|
Cash Sales %- Closed Sales |
49.6% |
54.2% |
-8.5% |
|
New Listings |
226 |
212 |
6.6% |
|
New Pending Sales |
178 |
211 |
-15.6% |
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 slowed .
CONDITION: The trend since August 2022 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
|
JAN 2023 |
JAN 2022 |
% Change |
|
|
Closed Sales |
50 |
89 |
-43.8% |
|
Median Sale Price |
$315,000 |
$250,000 |
26.0% |
|
Active Inventory |
300 |
93 |
222.6% |
|
Cash Sales % of Closed Sales |
60.0% |
65.2% |
-8.0% |
|
New Listings |
143 |
125 |
14.4% |
|
New Pending Sales |
115 |
107 |
7.5% |
SUMMARY: Closed Sales are down by almost 50% since this time last year.
The number of properties on the market has more than doubled since this time last year.
CONDITION: There is a significant increase in inventory, by double, from January of 2022 a year ago and sales prices are up by 26%
“Townhouses and condos” closed sales 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.
Be Well
Diane
Email: Diane@ParadiseFoundRealtyFl.com
Website: www.ParadiseFoundRealtyFl.com
Phone: 954-294-5060
Your Martin County Concierge Real Estate Company!
Office Open by Appointment Only
