Also, there’s an early sign of the Florida real estate market slowing down in its sale-to-list price ratio.
👉 Note: If the sale-to-list-price ratio is less than 100%, buyers often pay less than the asking price.
Currently, it is at 96.9%, with a decline of 2.1 pt YoY as of January 2023.
As per December 2022 data, home sales are at a record low of 38.1% YoY. Compared to December last year, 27,233 homes were sold, down from 43,985 homes.
As mentioned above, the increasing home prices in the state and record-high mortgage rates might be a major contributing factors to the decline in sales.
Florida leads the nation with a 28% increase in average rental costs from 2021 to 2022. An average tenant pays $1,218 as rent.
Buyers who can not afford to house due to high home values will simply rent. As a result, it’s not surprising that Florida has a highly competitive rental market.
The median days on the market for homes for sale was 47 days, up by 17 days YoY.