The Florida real estate thermometer’s mercury begins to fluctuate. Last August, 23.1% of Florida homes sold above list price, down 11.8 points from the same month last year. Of the properties sold, 36.5% had posted price decreases, compared to just 18.0% in August 2021.

Here’s what that means for the Florida market.

As explained by Redfin Housing Market, “A high or increasing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. On the other hand, a low or decreasing percentage of homes selling above list price suggests that the market is becoming less competitive. And this is the trend observed in Florida according to the reports released in September on the data of the previous month.

Make no mistake, the real estate market is still very hot. Florida home prices rose 16.4% year over year in August, although the number of homes sold fell 18.7%. What is interesting to know for buyers is that the number of homes for sale increased by 12.1%. The enrichment of the inventory means that there is finally a small opening for negotiations.

Values ​​always safe

Each month, more than 53,000 people move to Florida, which, to a certain extent, maintains property values. Newcomers represent a mix of workers and retirees, which appeals to diverse real estate needs.

Of all major US cities, Sacramento was the most sought after by homebuyers last summer. Next come the cities of Miami and Tampa.

All in all, Florida remains at the top of the most coveted destinations, followed by Texas, Arizona, Maryland and South Carolina. It is precisely the residents of the cities of San Francisco, Los Angeles, New York, Boston and Seattle who most desire to migrate to Florida.

As the interest rate for home financing hits 7%, almost a third of homes were bought with cash in the country last summer, surpassing pre-pandemic levels.

In fact, three of the five metropolitan areas with the highest percentage of cash home purchases are in Florida. Redfin reports that Palm Beach leads with 56.4% of purchases paid for in greenbacks, followed by Jacksonville with 45.5% and Fort Lauderdale with 43.3%.

Do you want to sell or buy a property in Florida?

Do business with the specialized real estate agents who are displayed in this publication. They are some of the best in the state and they speak your language!

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