Page 14 - Stuart Exposure- March '23

Page 14, Stuart Exposure

reAl estAte

Treasure Coast

Real Estate Report

The Decline In Home Sales Continues In
January, Sellers Will Need To Respond By
Adjusting Asking Prices
By Jim Weix
Statewide, home sales
were down 32.5 percent
compared to January 2022.
Pending sales, which is
when a property goes
under contract but hasn’t
closed yet, were down 19.4
percent. That would seem to
indicate that the hoped-for
“snowbird buying spree”
won’t happen.
However, Martin County
fared better, with only a 20.4 percent decrease compared EXPLORE LUXURY SENIOR LIVING IN SOUTH FLORIDA
to January 2022. Condos and townhomes took a beating
though with a 43.8 percent decrease.
These decreases are happening despite much more
inventory for sale. A year ago, there was less than a
month’s supply of homes for sale. This January there is
a 3.3-month supply of homes. In other words, there are
plenty of homes to choose from.
So what is happening? Is the real estate market
crashing?
No, the real estate market is not crashing. Simply
put, buyers no longer act like toilet paper buyers during
COVID. In fact, some of those buyers are now suing their
Realtors in court. Victor Insurance Managers reports that
they are seeing a 9 percent increase in lawsuits against
realtors.
These buyers are claiming that their realtors advised
them to waive common sense things like home inspections.
They now realize that they paid too much and are having
buyer’s remorse. When that happens, they want somebody
to blame, besides themselves.
Interestingly enough the average sales price paid in
January 2023 dropped from $1,034,061 to $654,988.
What I’m seeing is that buyers are buying lower-priced
real estate. Homes in the $300K to $500K price range
sell quickly. Many of these buyers are people that are
downsizing.
As home sellers begin to realize that the crazy prices
in the first half of 2022 are over, they will begin to adjust
their asking price to something closer to reality. Those that
don’t, won’t sell their home, because buyers are getting
smarter.
Feel free to call me if you would like to discuss your
options. I can be reached at (772) 341-2941 or jimweix@
jimweix.com.
Jim Weix is a broker associate with The Keyes ELEVATE
Company. Jim has 25 years of experience selling real
estate full-time. If you have questions or want the services
of an experienced expert, you can reach Jim at (772) 341-
2941 or jimweix@jimweix.com. YOUR LIVING

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