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Market adversity is showing up clearly: inventory of both single families and condos is rising due to an uptick in listings, while pending and closed sales are dropping. As closed sales follow pending sales, this is the predominant reason why inventory is rising. It will also cost you.
Inventory of homes listed reached a record low by July of 2023 , and mortgage rates increased dramatically, diminishing buyer affordability. Now in 2024, the inventory of homes has been steadily rising, but mortgage rates have recently dipped, so the real estate landscape is still readjusting itself from the frenzied pandemic market.
PRICE ADJUSTMENTS AND THE 2023 MARKET In March 2022, it was clear that the market was changing from a frenzied post-pandemic scene to one where it was assumed that rising mortgage rates would slow it down and help inventory finally rise back up. Inventory didn’t increase at the rate most assumed it would.
In early March it was becoming clear that the market was changing from a frenzied post-pandemic scene to one where rising mortgage rates would slow it down and help inventory finally rise back up. For the past few years, with inventory at historically low levels , sellers were coming pretty close to naming their price and buyers were paying.
Inventory is still very tight despite a slight increase, and as you can see in the chart below from our Massachusetts Updates page , the percentage of homes placed under agreement out of total inventory is still higher than it ever has been but its noticeably lower than it was in the first six months of the year.
As you can see in the chart below, Florida has the highest shift in rising inventory over the past twelve months. Source Condo inventory has been rising more than single families as sales have been decreasing since 2023. Source Inventory rises when more sellers are listing than buyers are buying.
The Lamacchia Realty South Florida Housing Report presents overall home sale statistics and highlights the average sale prices for single families, condominiums/townhomes in Broward County, Miami-Dade County, and Palm Beach County for March 2022 compared to March 2021. South Florida Inventory. See the red line in the chart above.
Market adversity is showing up clearly: inventory of both single families and condos is rising due to an uptick in listings, while pending and closed sales are dropping. As closed sales follow pending sales, this is the predominant reason why inventory is rising. It will also cost you.
As predicted , 2024 has started with low inventory, and mortgage rates have remained relatively stable in the high 6’s and low 7’s. Due to rising rates and home prices that have continued to influence consumer spending, 2023 saw the lowest inventory in recorded history, and in 2024, sellers are still hesitant to enter the market.
Inventory initially dropped in March 2020 as a result of sellers pausing on listing their homes and that number has stayed extremely low since. Now in 2022, it’s predicted that inventory will continue to stay low and competition will remain immensely high. Buyer Resources. April 8, 2021. Read More ». Seller Resources.
The Lamacchia Realty South Florida Housing Report presents overall home sale statistics and highlights the average sale prices for single families, condominiums/townhomes in Broward County, Miami-Dade County, and Palm Beach County for April 2022 compared to April 2021. South Florida Inventory. Additional Resources. Buyer Resources.
2022 started with low inventory and high competition as predicted , but by April rates began their ascent and the market began its shift. Since then, as rates and inflation have continued to influence consumer sentiment and spending, inventory has remained low as sellers hesitate to dive into the market. Real estate is a long game.
For certain parts of the economy, usually in the upper-income brackets, they didn’t carry a lot of debt and they couldn’t go out to spend their money. We expect a nationwide drop in home values as home inventory continues to shrink and we start to feel the economic impact of last year’s mishaps. So, what did they do?
Sotheby’s International Realty released its 2025 Luxury Outlook report on Thursday. Home sales in the “upper brackets” of the market reportedly perform better than average-priced homes. inventory levels stabilize. The report draws insights from high-end luxury agents and organizations like J.P.
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