“Your data is flawed.”
That’s how a comment on my latest video started. You can watch or read the comments on Florida Real Estate – There is NO Market Crash.
Regular readers know I’ve been in the real estate weeds all year extracting the most important data about this Florida real estate market and where it’s heading. It’s not an easy feat.
In this particular video I discuss:
* Home Equity & Ownership
* Time On Market
* Rates: Mortgage & Inflation
* Florida RE Market
* Migration Patterns
* Inventory of homes
* The “U” Formation
* Florida real estate prices
And over the last 6 weeks, I’ve shown many data points about our local market and where it’s heading, it’s mind-numbing. For example, look at the Delray Beach median listing price over the last year. It went down in 2022 as mortgage rates more than doubled.
But starting in the second quarter of this year prices are back on the rise…
This corresponds with the number of listings. As listings fall (supply), prices rise (demand). Look at this chart to see how they are aligning:
And to put the nail in the coffin, here’s one more datapoint sellers are watching close. The Sold-To-List ratio shows how much below, or above, the listing price properties are selling for. In late 2022 there was weakness as this ratio fell. Bit look at what’s going on in 2023… it’s heading back up again:
It’s the same look and feel when searching others cities in the Florida real estate market.
Of course there are more, and varying, opinions on where the Florida real estate market is heading. And over the last few months major sources are changing their tune from “Florida real estate is heading lower” and “how to navigate the next real estate crash”… to an outlook where prices strengthen.
Check out these two recent essays from Florida Realtors magazine here and here.
Then again, essays on increasing foreclosures is rising. Here’s one from a reputable source. Due to this, more investors are calling me trying to position themselves and be first in line. But historically, foreclosure are still near all-time lows and you’ll see in that essay.
Data is not flawed. Data is out there for anyone to grab and decipher where the Florida real estate market is heading.
But, there’s one thing that’s clear: each market has its own set of circumstances, data and trends. So, if you’re planning to buy or sell in a particular market, don’t read national headlines. Don’t confuse those with what’s happening where you are going to conduct business or buy property.
Next week I’ll publish my July “How’s The Delray Beach Market” report. In it, I’ll show more shocking data that’ll you will make your head shake.
If you’re thinking of buying or selling in Delray Beach or our surrounding areas, call me. We could grab a coffee at one of the 9 coffee spots in town… or glass of wine at a dozen or more local places.
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*** Photo above: the new Pineapple Grove artwork on NE 2nd Avenue
*** Speaking of foreclosures, one of my newer essays may be of interest to read
*** The newest Delray Beach Village By The Sea magazine is out. Have a look
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*** Your Weekly Inventory Update ***
* 4 years ago there were over 54,000 properties available in S. Florida
* It bottomed in February 2022 at 14,485… a 73% drop
* Last week there were 27,599 available… a 102% rise in 17 months
* This morning’s Inventory is 27,536.
*** Inventory is DOWN 23 of 27 weeks***
