Your Latest Southeast Florida Market Update
Here’s what you need to know about our latest housing market stats.
What’s happening in our housing market? Today I’ll share the latest numbers from Southeast Florida’s market and explain what they mean for you.
Around May of 2021, our market was on fire. 178 homes were sold, but only 150 were on the market. Now, things have slowed down. Only 107 homes sold in July 2022, while there were 292 on the market.
"Conditions are much more balanced than they used to be."
What does this mean for you? This market is a huge opportunity for buyers, especially those who were put off by the crazy bidding wars. For-sale homes were up 20.2% month over month and up 78% year over year in July. Meanwhile, homes closed decreased by 9.6% month over month and 33.7% year over year. Homes placed under contract were down 17.1% month over month and down 32.7% year over year.
Next, let’s check in on our inventory. Around May of 2021, we had only 0.8 months of inventory, which is the lowest I’ve ever seen. In July 2022, we had 2.4 months of inventory. We’re still in a seller’s market, but conditions are much more balanced than they used to be.
There are more opportunities for buyers, so sellers need to be on top of their games if they want to get top dollar. If you need help buying or selling or have any questions, please call or email me. I am always willing to help!