Homeowners are loving this real estate market.
They continue to see real estate market activity leaning their way. Market data that mainstream news said was going to turn the other way.
But as you know, it’s not easy to predict the future. Our media can’t, industry experts try to but often miss the mark. And it’s something I refrain from trying to do.
What matters in any real estate market is what’s happening in your local area. You should only use the national data as a general guide, then dig deep into the area you will be doing business.
South Florida’s Real Estate Market Data
In light of that, here are four pieces of South Florida real estate market data you may find interesting:
* Listing Prices are up in South Florida. The median list price back in May – end of high season – was $350k. Today it’s $405k. That’s an increase of about 16%.
* Median Sold Price of a home on a year-over-year basis is UP 10.5%. (this is the middle number of a random sampling)
* Average Sold Price is UP 17%.
* Inventory on July 17th was 27,347. Today, it’s up to 32,251. That’s an 18% rise just 90 days later. And year-over-year it’s up almost 7%. That shows how supply is rising faster now than earlier in the year.
One glaring question is, “how can listing prices rise when inventory is going up?” One way to answer that is continued strong demand. And as we enter the new high season, demand will grow.
But for homeowners, their equity is up and and has a trajectory continuing to rise. All during a time when inventory is rising.
But, what you’ll read in mainstream news is all about a crashing real estate market: how prices will dive, how interests may go to 10%. That narrative is long on the tongue. I guess if they say the same thing long enough they’ll get it right?
But for now, all fundamental data points remain strong. So, for the upcoming high season, I believe we’ll see more of the same. One that leans a bit more toward the seller, with continued strong prices. At the same time, buyers have a lot more inventory to look at.
Speaking of buyers, it’s starting to feel like snow birders are showing up a bit early this year. I can already see more traffic on the roads.
So if you’re a homeowner, it remains a great time to sell into this real estate market strength. Timing a top is not easy if that’s your game. But as we head into high season I’m not sure how it can look any better.
[Photo above: taken from the beach at 9pm in the dark last weekend looking back to Delray A1A]
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*** If you missed it, a month ago I published a video showing how this market isn’t crashing.
*** Get tickets to see the iconic 80’s movie, Dirty Dancing, on stage at Old School Square this December.
*** If you haven’t tried Del Fuego Tex-Mex restaurant, you should. Overlooking the Delray Intracoastal next to the bridge is a spectacular sunset-watching location. My family tried it last week with out-of-state family and it was delish!
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***Inventory is Rising FAST – UP 13% in the last 81 days!
* 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 31,497 available… a 101% rise in 20 month
*** This morning’s Inventory is 32,292! That’s up 795 units in One Week***
