South Florida Real Estate Market in Review October 2022

By
Real Estate Agent with Remax Services 3122573

The Real Estate Market has never really fluctuated or had the volatility like the stock market does especially  over the last many years.   Real Estate has always been based on facts and figures up until recently because of the “Viral Social Media Society”, that often reports  and references “Doom and Gloom of 2007 and 2008” and this hurts Buyer Confidence.  

This is not the case and I will share with you why,  if you look at the Facts and Figures.

The Factual Data as to which States during Covid, actually “ Lost Revenue or Gained Revenue” is interesting. 

  • The State of Texas came in #2, receiving over $$6 Billion Dollars$$ of Gained Revenue because of Covid.
  • Florida received over $$22.5 Billion Dollars$$ in Gained Revenue. 
  • Sharp contrast to both California and New York who lost NEGATIVE 13 Billion. 

Right now, 800 people a day continue to move to Florida and while our average sales prices do continue to rise, our Days on Market have gone up.

Our average days on the market is 25 to 30 days.   At our lowest point during Covid we were less than 1 month of inventory.  Right now we have approximately 2.5 months of inventory.  

  • A Buyer’s market is “6 Month’s Inventory” or more
  • A Balanced Market is “5 Month’s of Inventory”. 

So the facts tell you we are not there yet…. We are not in a bubble bursting situation at this point, but it doesn’t mean we can’t get there.   The Real Estate Market does not run on perception, but the “Viral Media Society” certainly has and that hurts Buyer Mindset and Consumer Confidence. 

Prices have not come down drastically, however when the Storm does hit, Home Owner’s Insurance will be a bigger issue as well as Interest Rates, all this has an affect and people overreact. 

The Peak Month of Real Estate Sales was March/April 2022 of which those homes were already contract January / February.

We are on our way to resuming a normal market, like in 2019. 

Let me share with you a crazy statistic,  there are approximately 1.6 Million Realtors that are licensed, of course not all are active.

  • 92% of these realtors have never worked or experienced a market where the Average days to secure a buyer was 45 days on the market.
  • Only 8% of realtors in the nation have the experience and know how to navigate 45 days.  Kathy has seen it , Kathy has felt it, and Kathy knows how to market a property to its fullest  potential. 

My advice to everyone I  speak with is to be careful who you hire as your Realtor, are they Professional, Reputable and have Rock Star Marketing Expertise.  Are they Local , do they Specialize in the Neighborhood that you want to Sell or Buy?  The Realtor you hire must be able to advocate on your behalf and in your best interest. 

Mindset is everything!! Kathy and her Team are ready to help navigate Sellers and Buyers with confidence.  Kathy is out here talking to Sellers and Buyers not about conjecture or subjectivity, but about the facts and figures. 

Kathy and her Team, will navigate obstacles better than anyone else, using Due Diligence, Skill, Care and Communication all the while making the Home Selling of Home Buying process a Good One.  Kathy Hyatt is a Full Time RE/MAX Realtor who is Passionate about Selling Real Estate. 

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Kathy sells South Florida!

Kathy Hyatt, CRS-ABR-GRI
South Florida REALTOR®
RE/MAX in Motion 
(954) 347-0244

Comments (2)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Florida has a lot of interesting pockets of places and things that make real estate really interesting over there

Sep 28, 2022 09:50 PM
Tracy Lee Parker
RE/MAX DFW Associates - Royse City, TX
Buy*Sell*Rent

Great report! I am experiencing buyers gloom & doom due to the media too. Covid year was one of my best years ever! 

Sep 29, 2022 08:13 AM