I recently commented that an 8% mortgage sure makes a 7% look good. Over the past month mortgage rates have been sliding and currently the average 30 year mortgage is 7.29 according to the St Louis Federal Reserve. Along with the rate decline I have noticed an uptick in activity.
Market statistics are out for October 2023. The median sales price for single family homes is up 6.5% from a year ago but down from last month to $575,000. Inventory is down 8.5% from last year.
Condo inventory is up 45.3% from last year. With 4.6 months supply of inventory we are no longer in a sellers market for condos in my opinion. It isn't quite a buyers market yet but it is heading that way. Condos face headwinds from regulations, insurance and financing issues. Condos are also more often used as vacation properties in Florida and demand for vacation homes is way down from its peak a couple of years ago.
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Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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