There are three million households in the U.S. that make over $150k per year who are still renting.
And with mortgage rates creeping up from 6.6% at the start of this year, to 7.45% today, the number of renters should rise near term. At least until mortgage rates begin to ease, again. But there is no guarantee rates will ease.
So, I use this real estate data to understand where the next trends may occur. To do that, I look at current data and what’s happening in our local real estate market. Here’s data I pulled from the MLS last night:
City Inc Supply Listing $ DOM # Sold Units Active Listings Median $
Deerfield 77% -13% 28% -23% 26% 0%
Boca Raton 41% -13% 40% -6% 22% 4%
Delray 85% -18% 15% -12% 30% 13%
Boynton 74% 1% 31% -13% 18% 5%
W Palm B 43% 0% 36% -18% 17% 13%
* Since Last Aug = Supply, Listing $, DOM
* Year-over-Year = # Sold, Active Listing, Median $
This Real Estate Data Stands Out
1. Supply is increasing across the board, and listing prices are dropping
2. # of units sold is down, but median price is up almost double digits
3. # of sold units is down, means more folks are renting
But regular readers know this real estate data is all lagging information. It’s what’s already happened. To look forward, supply is a key indicator.
Florida’s Real Estate Data Is Different
The biggest real estate data narrative the past four years has been the lack of supply. Although that’s still true for most of America, it’s not the case in Florida. Florida’s surging real estate supply should help buyers moving forward. Florida is leading America in supply-growth by a long shot. See the image below:
Our rising supply should, in theory, continue to push listing prices down, and soon we’ll see sold prices trending in the same direction – down.
We’re already seeing listing prices fall. So this will help those buyers who’ve been on the sideline waiting to find something worthwhile. And with the huge amount of households capable of buying in today’s rate environment, all they’ve been waiting for is more supply.
So looking forward, we should see the number of sales start to rise in the second half of 2024.
That’s a big, bold idea… but when you look closely at the real estate data, it’s one of those things that just stares at you in your face.
What do you think? is this useful real estate data you can apply and help you reach your real estate goals?
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*** If the above trend does play out, now is a great time to consider preparing your home to sell. Call or text me at 561-777-4089 to schedule your Comparable Market Analysis today
*** April is Earth Month! The City of Delray Beach is leading the way with its own Sustainability team. Last Saturday they gave a half dozen presentations on what our city is doing to become more resilient, more energy efficient, and shared how you can play a part in our hot tropical environment. If you’d like to get a Home Energy Rating System (HERS) on your home that may help improve your home’s value, get familiar with it right here
*** If you’re interested to learn more about Green Living and ways to contribute, I dedicate this page to downloadable ideas for you to begin today…
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Real Estate Data You Can Count On that’s Current As of Today
*** Surging Supply Continues ***
* Last week there were 45,396 available…
* This morning’s Inventory is 45,687 *
… supply is UP 291 units in the last week ***
