When will the market change?
The short answer is we don't know, but people are wondering how long can this lack of inventory last. So far 2022 has continued to see a dramatic decrease in inventory over last year. This is the time of year we usually anticipate a "flood" of houses coming on to the market for sale. We did not see that increase in inventory this time last year and this year continues to be down over 30%. This also means sales are down, lack of inventory means lack of sales.
So what does all of this mean? If you are considering selling your Florida Keys home, it has never been a better time. The average sales price is up over 30% from last year, which had already seen a sizeable increase over 2020. Days on market have also continued to decrease, less than two years ago the average days on market was about 3-4 months. 2022 is seeing and average of 2 months or less on market.
With this much faster pace and lack of inventory buyers need to be prepared to act fast. While you are thinking about a property, several other people are usually writing offers. Part of writing an offer in this market also requires a proof of funds letter or pre-approval letter to be included with the offer. You will want to have those in place prior to viewing homes as some sellers will also require that documentation to view their homes as well.
It is more important than ever to work with a professional, to guide you through this challenging market. We would love to be the professionals that help you buy or sell in the Florida Keys. Call us today (305) 394-4449 or message us.