Market Stats: December 2023
Tampa Bay, Sarasota/Manatee, Palm Beach County, and Martin County Areas
Florida as a whole still has increasing prices Y/Y, although it seems this month the number of closed sales has fell slightly. Months of inventory has increased, indicating properties are taking time to sell. The median % of original list price increased the slightest bit. We will soon find out if interest rates will rise or fall.
The Tampa Bay Area had the biggest fall in closed sales, but prices are still up. The months of supply of inventory is less than the state as a whole, and the prices are up slightly more than Florida in general.
The Sarasota-Bradenton-North Port MSA, which is located in Sarasota and Manatee counties, are still showing strong price increases. It also has the highest increase in closed sales. However, the months supply of inventory has the greatest increase as well.
Palm Beach County is also showing strong price increases and a higher months supply of inventory.
Martin County is no different than the rest with prices increasing and inventory increasing. It is one of the two areas to have an increase in closed sales.
As you can see, prices and inventory are up in all areas, but only Martin County and Sarasota/Manatee had increases in closed sales. Increasing prices in Florida has lasted for years now. Will we finally see some price drops in 2024 or will the pattern continue? Mortgage rates will definitely have a say in what we see. I firmly believe there will not be any major price decreases in Florida. These current prices are the new normal in the Sunshine State. People are moving to Florida in droves, and while there is a ton of new development all throughout the state, there is not enough to bring prices down significantly.
Check back at the end of next month for our stats of the first month of 2024!
