02/08/2023
Conditions of current Real Estate Market.
Good afternoon friends and family. We are in a WEIRD market in the Florida Keys. During times like this it is best to be cautious and think a few steps ahead.
The stats for January 2023 are as follows:
Current Active listings 912
New Listings 319
Price reductions 254
Closed 110
Back on the Market 65
This brings us to a few conclusions. First, for the 5th month in a row, new listings are over 2x the amount of closings. Price reductions are starting to weigh in heavily. Closings are now a little below 10% of total inventory, last year this figure was sitting at 40% monthly on average.
Although there hasn't been a significant decrease in prices, the trend is pointing in that direction. Less closings, increasing inventory and failed sales tell the story.
This market is no longer a seller's market. Buyers have more power to negotiate. I cannot predict what will happen in the near future but by analyzing the stats we have, I will be able to help buyers and sellers make an educated decision that will leave no money on the table.
Call me to discuss your needs, or just to have a conversation and share your opinion. I am always available, I am local and I know my way around the Islands.