Florida has always been known as aΒ hot spot for a home, with so many people swooping in from up north to grab one of the amazing homes in this warm state, but South Florida has seen a huge rise in home sales recently. This could be for many different reasons, but one thing is for sure: South Florida is a fantastic choice for those who are looking for real estate at a great price right now. If you want to see what the real estate trends are going to be like for the rest of 2023, keep reading to see which south Florida housing trends to watch in 2023.
What was the South Florida housing market like for 2022?
One of the best ways to predict upcoming trends is to have a look at last year’s sales and see if the trends from last year are strong enough to keep going. By November 2022, South Florida saw a rise in housing costs over the year by about 10%. This is great for those who sold their homes, but there were actually far fewer sales than last year, and coastal cities saw a drop of about 38% in sales. Condo sales also dropped in the area by about 44%, which is quite a bit considering how South Florida is well known for being one of the best places for retirees to find great condos.
What does the housing market look like for 2023?
One trend we continued to see last year was a rise in housing costs that are paired with a lack of new homes. Many people have chosen to sell and migrate to other states, and this has left many homes in the area vacant for a while. The inventory for South Florida has gone up from 1.5 months to 3.4 months since last year, but most of these are not new builds which is what most buyers are attracted to.
South Florida has always been a hot place to go for anyone who is looking to retire, but many retirees have chosen to spend the rest of their time in their current homes instead of seeking out somewhere flashy. The pandemic made many people see how much they appreciate being close to their loved ones, and many seniors would rather be able to be near their grandchildren. We can see from the significant drop in condo sales that the idea of retiring in South Florida might not be as appealing as it once used to be.
Does South Florida have a lack of homes right now?
When we talk about the “buyers’ market vs. seller’s market,” the way we lean is often based on the number of homes available for sale. If there are very few homes for sale, the buyer can choose whatever price they want, and this often means the overall prices for homes will rise if no new homes are built. The construction sector took quite a few hits last year, with rising gas prices, high supply costs, and lack of materials making it difficult for many companies to build new homes.
Last year, the inventory for South Florida rose about 118% for single-family homes and about 65% for condos/townhouses, so the housing prices will likely level out a bit within the next year. Construction has started to kick back into gear all over the state, so expect these numbers to be a little higher next year.
What does this mean for those who want to buy in South Florida right now?
As of January 2023, the average housing price in South Florida has risen about 15% over the last year, and the year is just getting started. The new construction could make the prices of homes drop, but it is unlikely, so consider buying a home as soon as possible. Have a look at some of the areas in South Florida (such as Boynton Beach or West Palm Beach) that are not getting the same attention as the metro cities if you are looking to find a home with a lower price.
How Does Senior Living Landscape Look Like In Florida?
The senior living landscape in Florida is extensive and diverse, offering a range of options to suit the needs and preferences of seniors. From independent living communities to assisted living facilities and memory care centers, Florida provides a wealth of choices for seniors seeking to enjoy their retirement years in comfort and style.
Many senior living communities in Florida are designed to provide seniors with a resort-style experience, featuring luxurious amenities and services such as swimming pools, fitness centers, and fine dining options. Others are focused on providing specialized care for seniors with specific health needs or conditions, such as memory care for those living with dementia or Alzheimer’s.
The home price in all senior living communities is up by 10% comparing last year. So itβs definitely a trend to watch out for in 2023.
What does it mean for those who want to sell in South Florida right now?
Selling your home in South Florida is a fantastic choice right now, but you need to be aware of how long it might take. Houses have started taking much longer than usual to get off the market, and this will likely worsen within the following year. Waiting for a good offer might seem like the best idea for your wallet, but this could mean you are stuck waiting on a sale for an extra few months.
Conclusion
South Florida has seen many ups and down all over the area, and that has made predicting the next year very tricky, but there are a few indications of how things will likely go. If you want to buy or sell, now is the right time to do it, as the prices seem to be creeping higher and higher by the month.
