Key Takeaways:
The insurance industry in Florida has a potential crash in sight. Hurricane Ian exposed the deep weakness of our infrastructure and issues related to climate and politics. I play the objective observer and will highlight that many of the SAVINGS experienced here in South Florida vs other major metros are negligible when insurance costs are about to explode.
Fort Lauderdale Metro: Wilton Manors, Oakland Park, Fort Lauderdale
Current months of inventory VS days to sell.
In very general terms a ‘healthy’ market has around 6 months supply of inventory. We have been in an historic low inventory market - across the US - and especially here in Fort Lauderdale.
Next, in very general terms a house rarely sells as fast as they have in the past few years. Normally, we would expect to sell a house in 45 days. Sure we can do faster, slower, but statistically 45 days a is a good turn-around for a home sale.
List Price VS Sale Price
Here we see the difference between the listing price and the sale price. Back in May we had a spike in the difference with a quick recovery in the difference in June and July. In August there was statistical parity but we are seeing another break between listing and sale price in September.
This shows that demand is still very strong but is waning slightly in the short term.
Historical Number of Listings VS Time to Sell
To me, this is crazy. Look at the days to sell in blue over time and how radically FASTER properties sell on the median compared to time. Woah.
Fort Lauderdale Breakdown
Download the whole report:
Fort Lauderdale Metro Market Update