Unfortunately as of the beginning of the pandemic the state of the housing market has affected in the whole nation. The pandemic has diminished, interest rates seriously spiked thee times within four months in 2022 and Florida recently got devastated by Hurricane Ian. Especially in Florida, where this will extremely slow the housing market down and leave a mark on sales and new listings where hurricane Ivan September 2022 dumped massive amounts of water and damages to homes, businesses and vehicles. Hurricane Charley, Matthew and Irma sales and new listings seriously declined from one year to the next.
This housing market, especially in Dr Phillips is still competitive and home values has shifted into a deceleration mode and slowly decreasing with interest rates spiking since June 2022.
Home insurance companies are going to have to shell out millions of dollars to compensate. This has to be monitored very carefully that all homeowners receive proper compensation as we now have a major setback. The government already has its hands full with many issues in our country and always need to revisit and stay on top of this subject supporting all homeowners affected.
The word lately used loosely is inflation, many wonder if we are actually in a recession which is defined as a period of temporary economic decline during which trade and industrial activity are reduced and generally identified by a fall in the GDP in two successive quarters.
Click link to learn more /ARE-WE-IN-A-RECESSION---32819---32836---Central-Florida-6-22139.html The deceleration of home values are now in effect, click link to learn more /HOME-PRICE-APPRECIATION-AND-DEPRECIATION---32819---32836---Dr-Phillips-6-23079.html
In Central Florida the homes for sale is historically still low as reflected in the charts. Also reported in Central Florida as of August 2022 reported average days on the market is 27 and average interest rate is 5.29%. As of August 2022 2.03 months of supply is available and prior year reports .91 which shows an improvement in inventory.
August 2022 the average median price reports 377,750 and previous year shows 320,000 which shows an increase. As for closed sales in August 2022 reported 3999 and dropped a year later to 3324.
Pending properties August 2022 reported 5260 and dropped the following year to 4171. These numbers reflect from the interest rate spike in June and July 2022.
There is still a lot of work to do to bring us back into the pre-pandemic prices. Home sales have stagnated since spike in interest rates June 2022. It does not look like it will get any better anytime soon.
Many American citizens are wondering what is the solution? Only time will tell and good possibility the short sale and foreclosure may come back into play. If the interest rates continue to climb the home prices must be lowered to recorrect the housing market. This may take at least three years to start correcting this housing market in America. There is certainly more to come and let's stay connected.
If you are considering selling your home there are important secrets that I can assist you with as a 18 year selling veteran. If you are interested in my free e-book my selling secrets click link https://kevinstrawter.book.live/biz-card-book As a trusted advisor and professional realtor stay connected and contact me today at 850 496-6412. Serving Dr Phillips, Disney area and all Central Florida. Clink link to learn more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html