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‘Listings Shortfall in South FL’

  • Fri Sep 2 2016, 4:37 pm
By James D. York, PA

August 19, 2016

‘Listings Shortfall in South FL’

By James D. York, P.A.

A market nicely balanced between buyers and sellers typically features a six-month supply of properties in the listings. In other words, it would take six months to sell all the properties if no more were added.

However, this summer, Broward County has only a scanty 3.8-month supply, according to Greater Fort Lauderdale Realtors stats. For comparison, supply was at 4.9 just a year ago. Palm Beach County has a 4.8 month inventory right now, down from 5.8 last June.

This mismatch favors sellers, and is prompting them to ask—and get—higher prices for their homes. Median prices have risen six to seven percent in the past year. Foreclosure and short sale properties, which accounted for about half of all sales during the nadir of the housing bust, have been mostly cleared from the market, currently representing 14% of sales in Broward County, and a mere 10% in Palm Beach County.

In turn, the elevated prices are causing many buyers to hold off on a home purchase, according to Scott Agran, president of Lang Realty in Boca Raton. "Without those foreclosures in the market to induce deals, buyers are pausing because they don't feel like they have a lot of [good] choices," he said recently.

Reasonably-priced homes in good condition are indeed selling fast—so don’t miss out. Give us a call today with your questions and concerns.

 

Connect With York Real Estate Group

Website: www.NaplesYorkRealEstate.com

Blog: www.YorkRealEstateGroupSWFL.com

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York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $275 million in sales transactions.  Visit The York Group website at www.naplesyorkrealestate.com for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the Yorks invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.

 

         

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