08/25/2022
The market is definitely in flux and correcting as we speak, but a lot still depends on the condition of the property and price. The good ones go quick!
The townhome I just listed for 339k in Coconut Creek went under contract in 5 days for substantially more than the asking price, and 15k above the appraised value if the house doesn't appraise for the purchase price. So there still are buyers out there with money to spend!
There, however, are also more and more homes staying longer and longer on the market. Most likely a combination of less buyers overall, property condition and being overpriced.
The one thing that stood out to me is the inventory in Parkland. Up 166%, to 3.2 months of supply. Still, time to contract is lower than last year at just 15 days, which tells me people still really want to move to Parkland, there are just not as many as before.
Also, overall, prices are still higher than a year ago, but with more and more inventory coming on the market and rising interest rates, that can quickly change, and then it's only a matter of time before we stabilize and possibly move into a buyer's market again.
Lastly, now that we are in the second half of the year, I generally expect closed sales to decline until after the beginning of next year, when we historically see an uptick. Currently new Pending Sales for Single Family Homes are down almost 25% year over year in Broward!
Source: FloridaRealtors & The Realtor Association of Broward, Palm Beach & St, Lucie
Call Aaron Glassman, Broker/Owner Glassman Real Estate Group with more questions about the value of your house, 954.326.2663
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