Family Matters: Pulse on the Horizon West Market

Late last week I had an awesome family member reach out about Florida's Real Estate market. He had heard some news that Florida could be in a bubble and that home price discounts were coming over the horizon. The short version, it's not. Below is verbatim what I wrote my amazing relative!

So sorry I didn't answer this earlier. It's been crazy. The short version is: this is not what I'm seeing. I've attached two very simple infographics (year to year for the month of December) of what's going on in my neck of the woods. To give context to "months of inventory" 5-6 months of inventory is considered a balanced market. So if you look at Winter Garden it went from 1.9 to 2.5...a massive percentage! It's still a very tight inventory. Prices fluctuating 1-2% during low season is no biggie. What I HAVE seen are price adjustments from the Listing Price and Sold Price. Mainly, any home that has been priced close to market value has had no problems selling, homes with Sellers who still think they can price their homes 20+% over market value, have had to adjust their expectations. This gentleman has cherry-picked from a softer market. Palm Bay, and Jacksonville had HUGE investor buy-in relative to the size of their population, so when investors don't gobble up properties like they used to, there is no other population to make up the difference, even then, their values are not tanking. Orlando meanwhile is still growing, and as mentioned before, inventory is tight!

The rest was mushy family stuff but I hope that that tidbit was useful for you too!