Across the country, homes are staying on the market for a longer period of time. Of course, with mortgage rates roughly double from where they were last year at this time, it is not entirely surprising that there is less buyer traffic. According to a recent analysis, the share of U.S. home listings that stayed on the market for at least 30 days without a contract was up 12.5% year-to-year in July. In fact, a year ago, 54.4% of listings were on the market for at least 30 days. As of July of this year, this number increased to 61.2% nationwide.
Many real estate professionals consider a listing that has been on the market for 30 days or greater without a contract to be a “stale listing”. In other words, when properties have a high number of days on the market, many prospective buyers may begin to think that there is an issue with the property. The current increase in proportion of “stale listings” is the first year-over-year increase that we have seen since the beginning of the pandemic.
How are the Florida metro markets doing?
Six Florida metros were included in this study. Interestingly, Miami, West Palm Beach, & Fort Lauderdale all had a higher proportion of stale listings as compared to the national average. The overall breakdown for these markets is as follows:
- Jacksonville: 59.3% on the market 30+ days – a 21.2% year-to-year increase
- Tampa: 52.7% on the market 30+ days – a 18.6% year-to-year increase
- Orlando: 55.6% on the market 30+ days – a 15% year-to-year increase
- West Palm Beach: 65.2% on the market 30+ days – a 10.1% year-to-year increase
- Miami: 72% on the market 30+ days – a 1.8% year-to-year increase
- Fort Lauderdale: 63% on the market 30+ days – down 0.9% year-to-year
As reflected above, the Fort Lauderdale metro market was the only Florida market to actually see listings sell faster in July 2022 as compared to the year prior.
Summary
Overall, the total number of homes for sale throughout the country was up by 4% year-over-year in July. In fact, this marks the largest increase since mid 2019. However, this increase in inventory is primarily due to homes staying on the market for a longer period of time. As for the number of new listings coming to the market, this number has actually dropped by 6% as compared to last year.
At Live South Florida Realty, Inc., our listings continue to sell faster than local market averages, even in this more challenging market. Are you thinking about selling your home in South Florida? Contact Natasha at Live South Florida Realty, Inc. today! In addition, be sure to download the free Florida Home Search App for your mobile device as well.
