Low Inventory Continues to Impact Monroe County Real Estate Market
As we delve into the latest statistics for May 2023, one thing continues to be abundantly clear: the inventory levels are still causing quite a stir in the area. With limited options available, buyers are still having fewer choices than pre-covid years, resulting in interesting trends across different property types.
So, let's dive right in and explore the numbers!
Single Family Homes:
Closed Sales: In May 2023, Monroe County witnessed 133 closed sales for single-family homes, which represents a decrease compared to the 158 sales from the previous year. It is noteworthy that the decline of 15.8% in closed sales is accompanied by a persistent challenge of a decline in new listings.
Median Sales Price: The median sales price for single-family homes in Monroe County remained steady at $1,100,000, showing no change from the previous year. This stability suggests that the market has reached a certain equilibrium in terms of pricing.
Median Time To Contract: The median time to contract experienced a substantial increase, rising from 25 days in 2022 to 65 days in May 2023. This staggering 160% jump implies that buyers are taking more time to make their decisions in a competitive market.
New Listings: Monroe County saw a decline of 29.1% in new listings for single-family homes, with 156 properties hitting the market compared to 220 in 2022. This decrease further exacerbates the existing low inventory problem.
New Pending Sales: Similarly, new pending sales for single-family homes dropped by 22% year over year, with 117 properties under contract in May 2023 compared to 150 in the same period last year. This decline highlights the challenges in a market with limited supply.
Townhomes & Condos:
Closed Sales: In the townhomes and condos segment, there were 45 closed sales in May 2023, down from 55 in the previous year, representing an 18.2% decline. This decrease can also be attributed to the overall low amount of new listings coming onto the market.
Median Sale Price: The median sale price for townhomes and condos experienced a slight decline, falling by 1.4% from $700,000 in 2022 to $690,000 in May 2023. While not a significant drop, it does indicate a slight shift in pricing dynamics.
Median Time To Contract: Sellers looking to sell townhomes and condos faced a 73.1% increase in the median time to contract. It took an average of 45 days to secure a contract in May 2023, compared to just 26 days in the same period last year. In this segment we are also seeing buyers take a little longer to write an offer but at a faster pace than single family homes.
New Listings: New listings for townhomes and condos decreased by 6.2% year over year, with 61 properties hitting the market in May 2023 compared to 65 in 2022. The decline in new listings further restricts buyer options in this segment.
New Pending Sales: The number of new pending sales for townhomes and condos experienced a sharp decline of 42.1% year over year. In May 2023, there were 33 properties under contract, compared to 57 in the previous year. This drop underscores the challenges faced by buyers in a market with limited inventory.
Manufactured Homes:
Closed Sales: Monroe County witnessed a notable increase of 26.7% in closed sales for manufactured homes, with 19 sales in May 2023 compared to 15 in the previous year. This growth indicates a higher demand for this particular property type.
Median Sales Price: The median sales price for manufactured homes surged by 44.3%, reaching $505,000 in May 2023, up from $350,000 in 2022. This significant increase suggests that buyers are willing to invest more in manufactured homes due to limited alternatives.
Median Time To Contract: The median time to contract for manufactured homes also increased by 34.4% year over year, rising from 32 days in 2022 to 43 days in May 2023. Buyers are taking slightly longer to make decisions, however manufactured homes are seeing the fastest time to contract.
New Listings: Monroe County experienced a minor decline of 8% in new listings for manufactured homes, with 23 properties being listed in May 2023 compared to 25 in the previous year. While the decrease is relatively small, it contributes to the overall low inventory challenge.
New Pending Sales: New pending sales for manufactured homes declined by 18.2% year over year, with 26 properties under contract in May 2023 compared to 22 in 2022. This decrease indicates that buyers are facing limited options even in the manufactured homes segment.
In conclusion, the May 2023 real estate statistics for Monroe County highlight the ongoing issue of low inventory across all property types. The limited supply of homes has led to a rise in median sales prices, even with buyers taking longer to go under contract. As we move forward, it will be interesting to observe how the market adapts and whether inventory levels will improve to provide relief for buyers and sellers alike. Stay tuned for our next update as we closely monitor the evolving real estate landscape in Monroe County, Florida!
To learn more you can read the Single Family Homes, Condos & Townhomes and Manufactured Homes full reports.