THE HONEST BROKER:  MARKET WATCH JANUARY 2023

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

TreasureCoast

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