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For Sellers • December 7, 2023

Florida Housing Market 2023

by Kevin Farfan

As a realtor observing the Florida housing market, it’s important to understand the current trends and how they impact sellers. Here’s a comprehensive overview to help guide sellers in this changing market:

Market Overview

Slowing Growth & Increased Construction: The Florida housing market is expected to remain robust in 2023 and 2024, but with a slower growth rate. The state is experiencing rapid growth in residential construction, especially in areas like the Tampa Bay and Orlando metro areas. However, new home construction may be slow due to labor and material shortages, leading to longer wait times for newly built homes​​.

Rising Inventory & Longer Sales Times: There has been a significant increase in the number of homes for sale, with a notable rise in active listings. The average supply is now around 5 months, up from the previous year. This increase in inventory and a decrease in cash buyers suggest a cooling market, where homes might stay on the market longer​​.

Price Dynamics: Despite the increase in inventory and decreasing sales, home prices have continued to rise, albeit at a slower pace. This rise is influenced by the low supply and high demand in the market. However, there’s a notable trend of price corrections in some areas, as sellers adjust to the changing market dynamics​​.

Selling Tips in the Current Market

Price Appropriately: Setting the right price is crucial. Work with local agents to understand the fair market value of properties in your area. Overpricing can lead to longer time on the market, whereas a competitively priced home can attract more interest​​.

Home Presentation: First impressions matter. Address major repairs, especially those related to safety, and consider staging your home to enhance its appeal. High-quality photos are essential for online listings​​.

Understand Buyer Behaviors: Buyers now have more bargaining power due to the increased number of homes for sale. Be prepared for negotiations and understand that buyers are looking for value.

Market Outlook

The Florida housing market is expected to return to a more “traditional” market, similar to the pre-pandemic years of 2018-2019, with a more balanced supply and demand. While there’s some speculation about a potential housing crash, factors like low inventory, stringent lending standards, and a continuous influx of new buyers suggest a stable market in the near future​​​​.

Conclusion

The Florida housing market is indeed facing some shifts, with homes staying on the market longer and experiencing price adjustments. However, with strategic pricing, effective home presentation, and an understanding of current buyer trends, sellers can successfully navigate this market. Remember, each local market has its nuances, so it’s crucial to stay informed and work closely with experienced real estate professionals to tailor your approach accordingly.


Kevin Farfan LLC GRI, PSA, RENE, MRP, C-RETS

Coldwell Banker Realty

213 W. Bloomingdale Ave.

Brandon, FL. 33511

Cell 813-784-7139

website: www.kevinfarfan.com

“I Sell Lifestyles!”

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