Florida housing market

Florida's April Home Sales, Median Prices Rise

 

I'll bite without even watching that extremely obnoxious "worse than 2008" YouTube video. Who's "overlending?"

 

By trending down, he meant up, obviously

 

And we still are!

 

Inventory is rising in some places, particularly those that have been hit by hurricanes. Insurance prices having an impact?

 

I am still laughing.

 

“While the housing market is still in the seller’s territory, it is expected to shift in a buyer-friendly direction as mortgage rates resume their decline over the next year and the number of homes for sale increases,” says Realtor.com economic data manager Sabrina Speianu.

Home prices rose seasonally
As is typical in the housing market’s warmer months, the national median list price continued to increase seasonally by 0.3% to $442,500 in May, compared with $430,000 in April. (Last year’s May median list price was $441,000.)

Moderately steady home prices are due to a rising number of affordable homes hitting the market.

“The inventory of lower-priced homes is rising faster than other segments,” says McLaughlin. “There are 46.6% more homes on the market in the $200,000 to $350,000 range, something inventory and price-constrained buyers will surely welcome.”

https://www.realtor.com/news/trends/housing-inventory-returning-to-normal-may-2024-economists-say/

 

I'm told a lot of people are fleeing for Gavin Newsom's Free State of California because its too expensive to live here

 

Every one of his videos is fear mongering.
If I had less scruples there’s a ton of money for anyone willing to simply tell people what they want to hear. It’s crazy how many of these get posted here.
Florida will likely see a drop at some point, likely when inventory catches up to demand or the economy turns. But neither of those are happening now.

 

The used condo market in Florida is about to get obliterated, the price for houses will climb significantly as former condo owners and those who were considering used condos enter the market..

 

I hope you are not making financial decisions based on this con man.

1 year ago:


2 years ago:

 

And the OP wonders why people were laughing.

 

My mother just had to put up her parents St Augustine condo (just 10 minutes from Crescent Beach) and she had to drop it $13,000 to sell it on an offer from the 4th prospective buyer. Everyone kept coming in even lower than that because high insurance is killing the resale of condos. She was lucky to get it for what she got.

 

I would have to think that is part of it.

 

It's going to get a LOT worse. Dial in skyrocketing insurance costs to the following
Under the new rules:

• Condos three stories and higher must undergo an initial milestone inspection after 30 years and every 10 years thereafter. This will determine whether the building is structurally sound and if it needs any repairs.
• Buildings that are already 30 years or older must have milestone inspections completed before Dec. 31, 2024.
• Condos three stories and higher must perform a study of reserve funds before Dec. 31, 2024 and every ten years thereafter. This will determine how much condo associations must save to properly maintain the building.
• Condo associations will be barred from waiving or underfunding reserves.

St. Petersburg condo may need $45 M renovation, post-Surfside review finds

 

Hard to have a housing shortage and a collapse in the housing market. Seems like the risks might dampen the growth but there is only so much beach available.

 

Especially with second homes that are completely extra. If insurance costs double, that'll make people wonder if it's worth it.

 

Florida home inventory is rising, which indicates that supply is trickling up and is exceeding demand. Inventory isn't at pre-pandemic levels, but supply/demand isn't an arbitrary static number. I think that's what people largely ignore when we discuss supply and demand... they only focus on the supply side. You can have an historically lower level of inventory, but if demand is also historically lower, than you don't really have a low inventory. It is mathematically and logically impossible for demand to exceed supply if the inventory is rising.

I do concede, however, that the prices overall have generally not dipped in any significant fashion. There are many price reductions going on out there, but those are largely on houses that were listed at very aspirational prices and have plenty of fat to cut off and still be very profitable to the seller.

In short, the inventory is exceeding demand, but the home prices are still very high and do not make sense for the typical homebuyer.

 

It's the assessments that will wreak havoc, not the risks. Some condo owners are going to start getting staggering assessments.