If buying or selling a home in Florida in 2021 or 2022 is something you are considering, I promise this is the market update you need to hear. Don’t let the real estate market shift right under your nose and not be aware it is happening until it is too late.
You have heard me say before everyone keeps just saying that real estate is on fire, or the market is hot, or some other overly simplified anecdote about the market.
As a real estate expert, I always cringe when I hear these simple statements because I am not only a student of the market, but spend a lot of time teaching people the reality of what is happening and how it affects them.
While everyone is telling you the market is hot, there are things you likely aren’t being told.
No one is telling you that the number of closed sales was down by 4.3% last month compared to October of last year or that the number of active listings have declined by more than 53% in the last two years and by more than 38% in just the past year alone.
One of the reasons I record these videos is so that you’re not caught by surprise. The real estate market is NOT going to turn on a dime, but it is the subtle shifts that take place every month in the marketplace that make up the entirety of where the market is heading.
So what does all this mean?
While most people may just focus on the median sales price in a market, which as previously shared, continues to hover between $365k and $375k, this is only one metric among many that may affect you, your goals, and your timeline.
This month, let me walk through a few of these data points with you to help paint this picture.
If home prices remain relatively unchanged for 3, 4, or 5 months in a row… this alone, or in and of itself, may not be something worth paying attention to, however, when the number of days it takes for a home to go under contract, continues to increase little by little, month after month, and home prices level off month after month, while inventory levels continue to increase, and closed sales reach their LOWEST point since March of this year…
Now you are starting to get the full picture and everything may become that much clearer for you.
If you have been paying attention to these numbers as we share them in these updates each month… you’ll be one of the first to realize when these slight navigational shifts have added up to a complete change in the Central Florida real estate market.
So, don’t be one of those homeowners just monitoring the median sales price right now, stay apprised with our monthly updates because we’re monitoring multiple aspects of the market because like anything, the whole is made up of the sum of its parts.
Here’s one more thing I want to share with you this month…
We’ve talked a lot recently about the equity homeowners have built up in their homes over the last number of years. As I mentioned earlier, with the median sales price sitting at $375K, a homeowner who purchased just five years ago could be looking at an additional $138,000 in equity if they were to sell their home today - I actually have another video coming later this month on this very subject.
All of this to say… I encourage you to be the captain of your real estate goals but to lean on me and my team to ensure you’re making the right decisions at the right time.
