Florida Real Estate News & Market Trends

Our Florida Keys blog offers information from Key Largo to Key West including market statistics, home values, Keys events and more.  We care and want to help you find your best place in the Florida Keys. Please reach out if you have any questions at all. An easy way is to visit ScheduleJim.com.  We’d love to speak with you!

Aug. 25, 2023

A Comparative Analysis

 July 2023 vs. July 2022 Single Family Home Market in The Florida Keys

The real estate market is known for its fluctuations, driven by a multitude of factors that influence buying and selling decisions. In this blog, we'll be comparing the Florida Keys single-family home market statistics of July 2023 with those of July 2022. By examining key indicators such as closed sales, cash transactions, median sale prices, time to contract and sale, pending sales, new listings, and active listings, we aim to uncover trends and insights that shed light on the state of the market.

**Closed Sales:**

In July 2023, there were 88 closed sales, a 7.4% decrease from the 95 closed sales in July 2022. This decline suggests a potentially less active market in 2023 compared to the previous year. Higher interest rates and continued low inventory are the biggest contributors to the decrease.

 

**Paid in Cash:**

Cash transactions saw a significant decline in July 2023, with 34 transactions (33.3% decrease) compared to 51 transactions in July 2022. This decrease in cash purchases might indicate a shift in financing trends or continued effects of low inventory and pickier buyers.

 

**Median Sale Price:**

The median sale price for single-family homes in July 2023 was $1,079,750, reflecting a 6.1% decrease from $1,150,000 in July 2022. This reduction in median sale price could be attributed to a variety of factors, including changes in demand, property values, or economic conditions. This is one of the first times we've seen a decrease in this category over the last few years.

 

**Median Time to Contract and Sale:**

The median time to contract in July 2023 was 58 days, a stark increase of 152.2% from the mere 23 days seen in July 2022. Similarly, the median time to sale also experienced an upward trend, taking 92 days in 2023 compared to 65 days in 2022, indicating a potentially more prolonged selling process for homeowners.

 

**Pending Sales:**

Pending sales, a key indicator of future closed sales, showed a decline of 27.5% in July 2023, with 87 pending sales compared to 120 in July 2022. This drop could suggest a slowdown in buyer interest or a lag in finalizing transactions.

 

**New Listings:**

July 2023 saw 125 new listings, a decrease of 35.9% from the 195 new listings in July 2022. This reduction in new listings might reflect a lower number of homeowners looking to sell their properties, possibly due to market uncertainties and sellers wanting to hold onto their lower mortgage rates.

 

**Active Listings:**

Active listings increased by 16.6% in July 2023, with 610 listings compared to 523 in July 2022. This rise in active listings could point toward a higher inventory of homes available for purchase down the road.

 

Comparing July 2023 with July 2022 in the Florida Keys single-family home market, it's evident that the market underwent several notable shifts. While closed sales, pending sales, and new listings saw decreases, the time to contract, time to sale, and active listings witnessed increases. The decrease in cash transactions suggests changing buyer preferences or financial trends. The increase in median time to contract and sale could be attributed to various factors, including a more cautious approach from buyers or increased complexities in the selling process. The rise in active listings might provide more options for buyers but could also indicate a potentially saturated market in the future. Overall, these statistics paint a nuanced picture of a market that has experienced shifts in supply, demand, and buyer behavior over the course of a year.

Read The Full Single Family July 2023 Report

Aug. 18, 2023

Exploring Mobile Home Affordability in the Florida Keys: A Path to Paradise

Navigating the Path to Mobile Home Living in the Florida Keys

The allure of the Florida Keys is undeniable – clear blue waters, swaying palm trees, and a sense of serenity that captivates all who visit. Yet, for many, the high cost of living in this tropical haven has remained a roadblock to calling it home. Enter mobile homes – a potential solution that offers a more affordable way to embrace the Keys' lifestyle. In this blog, we'll dive into the world of mobile home affordability, uncovering insights that shed light on the market's dynamics.

*Unlocking Opportunities: Closed Sales Trends:*

Over the past quarter, the mobile home market in the Florida Keys saw 48 closed sales, indicating a shift from the 66 closed sales recorded in the same period last year. This change aligns with the broader real estate trend, suggesting a possible temporary slowdown in market activity. This also allows for more room for buyer negotiations.

 

*Embracing Value: Median Sale Price Insights:*

In Q2 2023, the median sale price for mobile homes in the Florida Keys climbed to $415,000, reflecting a 9.2% increase from $380,000 in Q2 2022. While the price has risen it still remains the most affordable option in the Florida Keys and still attracting those who seek an entry point into the Keys' lifestyle. 

 

*Taking Time: Median Time to Contract:*

Interestingly, the median time to contract for mobile homes during Q2 2023 extended to 90 days, a significant departure from the 32 days seen a year earlier. This change suggests a more thoughtful approach from both buyers and sellers, indicating that parties are taking their time to make informed decisions.

 

*Supply and Demand: New and Active Listings:*

In the latest quarter, the market saw 48 new listings for mobile homes, a decrease of 33.3% compared to the 72 new listings in the same period in 2022. This shift points to a tighter supply of available mobile homes, potentially fostering a more competitive market environment. Conversely, the number of active listings rose to 77 in Q2 2023, reflecting a 10% increase from 70 active listings in Q2 2022. This uptick in active listings could signify heightened competition among sellers, all vying to capture the attention of potential buyers.

The allure of owning a piece of the Florida Keys remains strong, and mobile homes provide a more accessible avenue to achieve that dream. While statistics offer insights into the market's shifts, potential homeowners must approach the market with a comprehensive understanding of its nuances. Mobile homes present an opportunity for affordable living in this paradise, but a well-informed approach will ensure that the journey toward ownership is both fulfilling and successful. 

If you think a mobile home is an option, there is a wide selection available throughout the Florida Keys. If you have questions and would like to discuss your options, you can reach us at (305) 451-2111. 

Aug. 11, 2023

Take Advantage of Your Home Equity

A Homeowner's Guide

Homeownership offers many advantages over renting, including a stable living environment, predictable monthly payments, and the freedom to make modifications. Neighborhoods with high rates of homeownership have less crime and more civic engagement. Additionally, studies show that homeowners are happier and healthier than renters, and their children do better in school.1 

But one of the biggest perks of homeownership is the opportunity to build wealth over time. Researchers at the Urban Institute found that homeownership is financially beneficial for most families,2 and a recent study showed that the median net worth of homeowners can be up to 80 times greater than that of renters in some areas.3

So how does purchasing a home help you build wealth? And what steps should you take to maximize the potential of your investment? Find out how to harness the power of home equity for a secure financial future.

 

WHAT IS HOME EQUITY?

Home equity is the difference between what your home is worth and the amount you owe on your mortgage. So, for example, if your home would currently sell for $250,000, and the remaining balance on your mortgage is $200,000, then you have $50,000 in home equity.

    $250,000 (Home’s Market Value)

-   $200,000 (Mortgage Balance)

______________________________

   $50,000 (Home Equity)

The equity in your home is considered a non-liquid asset. It’s your money; but rather than sitting in a bank account, it’s providing you with a place to live. And when you factor in the potential of appreciation, an investment in real estate will likely offer a better return than any savings account available today.

 

HOW DOES HOME EQUITY BUILD WEALTH?

A mortgage payment is a type of “forced savings” for home buyers. When you make a mortgage payment each month, a portion of the money goes towards interest on your loan, and the remaining part goes towards paying off your principal, or loan balance. That means the amount of money you owe the bank is reduced every month. As your loan balance goes down, your home equity goes up.

Additionally, unlike other assets that you borrow money to purchase, the value of your home generally increases, or appreciates, over time. For example, when you pay off your car loan after five or seven years, you will own it outright. But if you try to sell it, the car will be worth much less than when you bought it. However, when you purchase a home, its value typically rises over time. So when you sell it, not only will you have grown your equity through your monthly mortgage payments, but in most cases, your home’s market value will be higher than what you originally paid. And even if you only put down 10% at the time of purchase—or pay off just a small portion of your mortgage—you get to keep 100% of the property’s appreciated value. That’s the wealth-building power of real estate.

 

WHAT CAN I DO TO GROW MY HOME’S EQUITY FASTER?

Now that you understand the benefits of building equity, you may wonder how you can speed up your rate of growth. There are two basic ways to increase the equity in your home:

1) Pay down your mortgage.

We shared earlier that your home’s equity goes up as your mortgage balance goes down. So paying down your mortgage is one way to increase the equity in your home.

Some homeowners do this by adding a little extra to their payment each month, making one additional mortgage payment per year, or making a lump-sum payment when extra money becomes available—like an annual bonus, gift, or inheritance.

Before making any extra payments, however, be sure to check with your mortgage lender about the specific terms of your loan. Some mortgages have prepayment penalties. And it’s important to ensure that if you do make additional payments, the money will be applied to your loan principal.

Another option to pay off your mortgage faster is to decrease your amortization period. For example, if you can afford the larger monthly payments, you might consider refinancing from a 30-year or 25-year mortgage to a 15-year mortgage. Not only will you grow your home equity faster, but you could also save a bundle in interest over the life of your loan.

2) Raise your home’s market value.

Boosting the market value of your property is another way to grow your home equity. While many factors that contribute to your property’s appreciation are out of your control (e.g. demographic trends or the strength of the economy) there are things you can do to increase what it’s worth.

For example, many homeowners enjoy do-it-yourself projects that can add value at a relatively low cost. Others choose to invest in larger, strategic upgrades. Keep in mind, you won’t necessarily get back every dollar you invest in your home. In fact, according to Remodeling Magazine’s latest Cost vs. Value Report, the remodeling project with the highest return on investment is a garage door replacement, which costs about $3600 and is expected to recoup 97.5% at resale. In contrast, an upscale kitchen remodel—which can cost around $130,000—averages less than a 60% return on investment.4

Of course, keeping up with routine maintenance is the most important thing you can do to protect your property’s value. Neglecting to maintain your home’s structure and systems could have a negative impact on its value—therefore reducing your home equity. So be sure to stay on top of recommended maintenance and repairs.

 

HOW DO I ACCESS MY HOME EQUITY IF I NEED IT?

When you put your money into a checking or savings account, it’s easy to make a withdrawal when needed. However, tapping into your home equity is a little more complicated.

The primary way homeowners access their equity is by selling their home. Many sellers will use their equity as a down payment on a new home. Or some homeowners may choose to downsize and use the equity to supplement their income or retirement savings.

But what if you want to access the equity in your home while you’re still living in it? Maybe you want to finance a home renovation, consolidate debt, or pay for college. To do that, you will need to take out a loan using your home equity as collateral. 

There are several ways to borrow against your home equity, depending on your needs and qualifications:5

1)Second Mortgage - A second mortgage, also known as a home equity loan, is structured similar to a primary mortgage. You borrow a lump-sum amount, which you are responsible for paying back—with interest—over a set period of time. Most second mortgages have a fixed interest rate and provide the borrower with a predictable monthly payment. Keep in mind, if you take out a home equity loan, you will be making monthly payments on both your primary and secondary mortgages, so budget accordingly.

2)Cash-Out Refinance - With a cash-out refinance, you refinance your primary mortgage for a higher amount than you currently owe. Then you pay off your original mortgage and keep the difference as cash. This option may be preferable to a second mortgage if you have a high interest rate on your current mortgage or prefer to make just one payment per month.

3)Home Equity Line of Credit (HELOC) - A home equity line of credit, or HELOC, is a revolving line of credit, similar to a credit card. It allows you to draw out money as you need it instead of taking out a lump sum all at once. A HELOC may come with a checkbook or debit card to enable easy access to funds. You will only need to make payments on the amount of money that has been drawn. Similar to a credit card, the interest rate on a HELOC is variable, so your payment each month could change depending on how much you borrow and how interest rates fluctuate.

4)Reverse Mortgage - A reverse mortgage enables qualifying seniors to borrow against the equity in their home to supplement their retirement funds. In most cases, the loan (plus interest) doesn’t need to be repaid until the homeowners sell, move, or are deceased.6

Tapping into your home equity may be a good option for some homeowners, but it’s important to do your research first. In some cases, another type of loan or financing method may offer a lower interest rate or better terms to fit your needs. And it’s important to remember that defaulting on a home equity loan could result in foreclosure. Ask us for a referral to a lender or financial adviser to find out if a home equity loan is right for you.

 

WE’RE HERE TO HELP YOU

Wherever you are in the equity-growing process, we can help. We work with buyers to find the perfect home to begin their wealth-building journey. We also offer free assistance to existing homeowners who want to know their home’s current market value to refinance or secure a home equity loan. And when you’re ready to sell, we can help you get top dollar to maximize your equity stake. Contact us today to schedule a complimentary consultation!

 

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Sources:

1.National Association of Realtors -https://www.nar.realtor/blogs/economists-outlook/highlights-from-social-benefits-of-homeownership-and-stable-housing

2.Urban Institute -https://www.urban.org/urban-wire/homeownership-still-financially-better-renting

3.Census Bureau -https://www.census.gov/library/stories/2019/08/gaps-in-wealth-americans-by-household-type.html

4.Remodeling Magazine -https://www.remodeling.hw.net/cost-vs-value/2019/

5.Investopedia -https://www.investopedia.com/mortgage/heloc/home-equity/

6.Bankrate -https://www.bankrate.com/mortgage/reverse-mortgage-guide/

 

 

Aug. 7, 2023

Florida Keys Board of Realtors Report: Q2 2023 vs. Q2 2022

Monroe County, Florida Q2 Real Estate Report

The Florida Keys real estate market experienced notable changes in the second quarter of 2023 compared to the same period in 2022. Let's delve into the statistics provided by the Florida Keys Board of Realtors to gain insights into the trends and developments in single-family homes, mobile homes, and townhouses/condos.

 

Single Family Homes:

Closed Sales:

In Q2 2023, there were 375 closed sales for single-family homes, marking a significant decrease of 24.4% compared to the 496 closed sales in Q2 2022. This drop in closed sales indicates a slowdown in the market activity during the second quarter of this year.

Median Sale Price:

The median sale price for single-family homes in Q2 2023 was $1,052,500, showing a marginal increase of 0.2% from the median sale price of $1,050,000 in Q2 2022. While the increase may seem minimal, it demonstrates a steady and stable appreciation of property values in the region.

Median Time to Contract:

The median time to contract in Q2 2023 increased significantly to 63 days, compared to just 25 days in Q2 2022. This represents a substantial 152% increase in the time taken to finalize contracts. The longer time to contract may indicate a more cautious and deliberate approach from buyers and sellers in the current market conditions.

New Listings:

In Q2 2023, there were 445 new listings for single-family homes, experiencing a decline of 26.6% compared to 606 new listings in Q2 2022. This decrease in new listings indicates a reduced influx of properties onto the market during this period.

Active Listings:

The number of active listings in Q2 2023 increased to 605, representing a significant 28.7% rise from 470 active listings in Q2 2022. The higher number of active listings suggests that more properties are available for potential buyers, contributing to the competitive market landscape.

Read The Full Single Family Q2 Report

 

Mobile Homes:

Closed Sales:

For mobile homes, Q2 2023 saw 48 closed sales, which is 27.3% lower than the 66 closed sales in Q2 2022. This decline in closed sales suggests a similar trend to single-family homes, where market activity softened during this quarter.

Median Sale Price:

The median sale price for mobile homes in Q2 2023 rose to $415,000, reflecting a robust 9.2% increase compared to $380,000 in Q2 2022. This growth in median sale price indicates a positive appreciation in the value of mobile homes.

Median Time to Contract:

In Q2 2023, the median time to contract for mobile homes soared to 90 days, significantly higher than the 32 days seen in Q2 2022. This notable 181.3% increase suggests a lengthier and more cautious decision-making process among buyers and sellers in the current market climate.

New Listings:

There were 48 new listings for mobile homes in Q2 2023, representing a decrease of 33.3% compared to the 72 new listings in Q2 2022. This decline in new listings indicates a reduced supply of mobile homes coming onto the market.

Active Listings:

The number of active listings in Q2 2023 rose to 77, showing a 10% increase from 70 active listings in Q2 2022. This rise in active listings points to a potentially more competitive market for mobile homes.

Read The Full Mobile Home Q2 Report

 

Townhouses and Condos:

Closed Sales:

In Q2 2023, there were 114 closed sales for townhouses and condos, marking a substantial 39% decrease from the 187 closed sales in Q2 2022. Similar to the other property types, this reduction in closed sales indicates a market slowdown.

Median Sale Price:

The median sale price for townhouses and condos in Q2 2023 declined slightly to $692,500, showing a decrease of 1.1% from $700,000 in Q2 2022. While this decrease is relatively small, it reflects a possible stabilization in the market after previous growth.

Median Time to Contract:

The median time to contract in Q2 2023 increased significantly to 48 days, compared to just 14 days in Q2 2022. This represents a substantial 250% increase in the time taken to finalize contracts, suggesting a slower pace in the transaction process.

New Listings:

In Q2 2023, there were 137 new listings for townhouses and condos, which declined by 19.4% compared to the 170 new listings in Q2 2022. This decrease indicates a reduced influx of properties into the market.

Active Listings:

The number of active listings in Q2 2023 rose to 166, marking a substantial 66% increase from 100 active listings in Q2 2022. This higher number of active listings may lead to increased competition among sellers.

Read The Full Townhouses and Condos Q2 Report 

 

In conclusion, the Florida Keys real estate market witnessed various changes in Q2 2023 compared to Q2 2022. While closed sales and new listings declined across all property types, median sale prices generally saw slight increases. The time taken to finalize contracts significantly increased in all categories, reflecting a more deliberate and cautious approach from both buyers. The rise in active listings indicates a potentially competitive market in the Florida Keys, however the decrease in inventory is still having it's effects on the market as a whole. For more information on buying or selling in the Florida Keys you can call (305) 451-2111 or message us.

July 19, 2023

6 Tips Before Selling Your Home

July 19, 2023

The Coming Recession!

You’ve undoubtedly seen that there’s a recession and market adjustment looming again. Many say it's already here. This is all part of the natural cycle and after you’ve been through a few, you start to prepare for them and profit from them in several different ways. 

While the last bubble burst was real estate related due to sub-prime loans and questionable lending practices, this one is much different due to massive inflation and supply chain issues like never before.

Since we work with so many real estate clients, we always try to keep up to date on stats and predictions to ensure our clients are prepared for any changes they may want to make with upcoming economic changes. This upcoming market correction is different and we must say, we're feeling pretty confident about it.

We’ve seen articles from NAR as well as other respected economic authorities and it appears that the ONE safe investment people will have in America with the down turning market is housing. That’s great news for us and great news for your family too! While they DO expect the real estate market to cool off and slow, that doesn't mean we will see a "crash". This certainly beats the massive depreciation we all experienced starting in 2008!

So of course, we are all hoping these economic indicators are right and if so, real estate may be the only safe investment to consider! The stock market has dropped, the bond market will take a hit and consumers will slow their spending in the retail environment but real estate can keep a steady and healthy base as we push through to begin recovering from whatever losses the market sees.

We are certainly not economy geniuses,  but we trust the respected and proven “higher ups” that have always been right in the past. They study this stuff all day every day and they have a pretty good read on the market.

We are already talking to investors that are pulling their money out of other markets and creating a real estate portfolio. It’s nice to know you can MAKE money in a shrinking economy! If you’ve considered buying a vacation or rental home, lets chat! 

Call 305-451-2111 or MESSAGE US.

July 16, 2023

The Wealthiest County in Florida

Drum Roll............ The Florida Keys

The wealthiest of Florida’s 67 counties has a median home value of almost $1 million — almost three times the state’s median home value of $326,286.

With the exception of a small area on the mainland, most of Monroe County is comprised of the Florida Keys. Although the number of sales transactions is down significantly compared to this time last year, there continues to be a very limited supply of homes for sale and prices are continuing their upward trajectory. A high percentage of homes are cash transactions and the rise in mortgage interest rates has affected the Keys less as compared to other areas.

Read the article for the top 10 wealthiest counties in Florida

florida keys sunset 2023

Investors in the Florida Keys real estate market have witnessed significant appreciation in property values over the years. The convergence of scarce land availability, robust demand from affluent buyers, and the county's inherent natural beauty have fueled a consistent upward trajectory in the market. Waterfront properties, in particular, have experienced substantial appreciation, as their unparalleled views and direct access to the ocean make them highly sought after.

Investing in the Florida Keys real estate market presents an enticing opportunity for long-term growth and potential returns. The region's appeal as a vacation destination, coupled with its thriving tourism industry, ensures a steady flow of visitors, creating a strong demand for luxury accommodations and second homes. Consequently, properties in Monroe County not only offer a luxurious lifestyle but also a sound investment opportunity.

July 14, 2023

Have you been searching for your Perfect Florida Keys Home?

Is your perfect home something that you thought didn't exist in the Florida Keys?

After working with several savvy home purchasers that had very specific wants and needs in their Perfect Home, we've found that most people go about their home search the wrong way, getting them stuck with a home that's "kind of close" to their real Perfect Home purchase.

That's why we created our Florida Keys Home Finder Program whereby once you tell us exactly what you are looking for, we invest our own money to go out and find properties that match exactly what you are looking for, owned by sellers that are ready to sell! 


PERFECT HOME FINDER PROGRAM

 

This totally free service will find you your Perfect Home even though it's not available for sale on the open market. Discover properties in the Florida Keys market that match exactly what you are looking for.

Contact us to learn more about this program and get the ball rolling on finding your Perfect Florida Keys Home!!!

 

June 21, 2023

Florida Keys May Stats 2023

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. 

 

June 16, 2023

When Is The Best Time To Sell A Home?

This is the question of all questions when it comes to real estate.

As professional agents and marketing specialist, we talk to homeowners during every month of the year that are hoping to “time the market” to sell the home for as much as possible. 

The common misconception is that you will sell a home for more money during one season as opposed to another one. In some areas of the country, there are more buyers in the Summertime and in other areas, the Wintertime is the big Season. But guess what??? When there are more buyers, there are also more sellers trying to sell. 

The worst thing anyone can do when making a move is to try to “time the market” in lieu of making the move when the family needs change. In real estate, we know that most people have a housing need change when they go through a life change.  In other words, a birth or death in the family, a job promotion or a job loss, children heading off to college, a marriage or divorce and other things of this nature. When there’s a life change, it creates a housing need change. The last thing you’d ever want to do is wait until “the hot market” time in the area. The truth is, everything is based on supply and demand and your home won’t sell for more money when there are 5 times as many homes available for sale in your neighborhood. As a matter of fact, due to the competition, we've personally witnessed this having a negative effect on home prices because after all, you probably don’t really NEED to sell your home so someone will always be a heck of a lot more motivated to unload their home than you are. That creates a downward pressure on asking prices.

In reality, if you are going to be utilizing a mortgage when buying your next home, you want to time the market by timing YOUR expenses which is the interest rate. Since rates are going up and it appears that will continue to happen for the next several years, the absolute BEST time to buy a home was months ago. The next best time is right now. Waiting a year or two can cause you to pay several hundred dollars per month more in the form of a higher interest rate and increased home prices in areas.

It may be wise to make that move sooner, rather than later.