Values will drop 20% - 35% across the state including coastal regions - this is the most excessively inflated pricing in south Florida history and I have been here since 1974 and in real estate investment since 1986. Tighten your belts - its moving west and there is a ton of land to develop in Florida
It’s not just Florida, across the country values got too inflated. We’ve already seen 8-10% decrease since May 2022 but we’re still so far above pre-COVID prices. We’re still up 8-9% from Dec 2021 median prices so there’s a lot of equity still in most homes. I wish they’d develop more of the interior of the state but clearly the demand just isn’t there or they would have done it already. I’m sure at some point it will get there but that would help tamp down future price increases if people had places to live other than the coastal areas that don’t have any more land to build on
Really! Did I hear correctly it only takes 1 month to sell a home. What is the historical average? 90 days? Obviously the 20 offers over list in 1 day is ancient history.
Days on market has been going down since 2012 since inventory levels began decreasing. 2012-2015 it took roughly 60-65 days. 2016-2019 it was about 35 days so we’re roughly back to where we were pre-pandemic. It’s just such a dramatic shift from what we got used to over the last 2 years it feels way more unusual but it’s really not in historical terms
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![South Florida Housing Market Update [January 2023]](/img/1.gif)
The opposite of inflation is deflation which is like a balloon 🎈 loosing air!
And that’s what’s been happening to home prices since May when interest rates started going up
Values will drop 20% - 35% across the state including coastal regions - this is the most excessively inflated pricing in south Florida history and I have been here since 1974 and in real estate investment since 1986. Tighten your belts - its moving west and there is a ton of land to develop in Florida
It’s not just Florida, across the country values got too inflated. We’ve already seen 8-10% decrease since May 2022 but we’re still so far above pre-COVID prices. We’re still up 8-9% from Dec 2021 median prices so there’s a lot of equity still in most homes.
I wish they’d develop more of the interior of the state but clearly the demand just isn’t there or they would have done it already. I’m sure at some point it will get there but that would help tamp down future price increases if people had places to live other than the coastal areas that don’t have any more land to build on
Really! Did I hear correctly it only takes 1 month to sell a home. What is the historical average? 90 days? Obviously the 20 offers over list in 1 day is ancient history.
Days on market has been going down since 2012 since inventory levels began decreasing. 2012-2015 it took roughly 60-65 days. 2016-2019 it was about 35 days so we’re roughly back to where we were pre-pandemic. It’s just such a dramatic shift from what we got used to over the last 2 years it feels way more unusual but it’s really not in historical terms
What’s with that 80’s techno music on in the background it’s so unprofessional and makes focusing on what your saying chaotic for goodness sakes
Thanks for the feedback and thanks for watching!
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