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State of the Market February 2023

South Florida is "in season" right now. The weather is perfect, the skies are bright blue, and the humidity feels almost nonexistent to those of us who make homes here year round. Florida saw the largest influx of people moving here from northern states during the Pandemic with recent reports from the DMV showing folks are moving from every state, with many from western states like California and Nevada, exchanging their driver's licenses and to call South Florida home. 

Which leads to me to the most requested question I've received lately, from both residents and out of state clients thinking about their next purchase -- "Isn't the cost of housing going down?" For a Buyer the housing market in 2021 and 2022 was not fun. Little Inventory to choose from, escalating prices, no time to think about the property before someone else bought it and in many cases to be the winning bid giving up the right to mortgage contingencies and home inspections.  We have now entered a more normal market with less people bidding on the same home. 

Yes, prices are leveling. Yes, many homes are on the market longer. But the well-priced homes are maintaining their hold and selling fast. And while the number of closed sales are down in Palm Beach Gardens by a third from last year, the median sales prices are up in the same 12 month period. I know my clients all want me to tell them it is ok to wait on a home purchase because prices are going down, but the trends don't show that overall. We can look at one house that was initially over priced and see the price drop over 30 or 60 days on the market, but the very next house I show is just as likely to be well-priced and sold by dinner.

The great news is right now we have more options in inventory, so we can all breathe a little easier in the process. A year ago we only had a one month's absorption rate causing a frenzy, and now we have approximately a 4 month supply of homes to sell. A balanced market generally likes 4-6 months of inventory and we are very close to returning into that range.

So if you’re thinking of joining us in Florida for the season or as a full-time resident now is the perfect time to find your home and enjoy the Florida lifestyle. 

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