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In this article we will be looking at the 2022 Housing Market Trend in Florida. We will also cover the predictions for the 2023 housing market.

The housing market is constantly changing, which can make it difficult to keep up with the latest trends. However, understanding housing market trends is essential for both buyers and sellers. For instance, in a seller’s market, there is more demand than supply, which can drive up prices. In a buyer’s market, the opposite is true; there is more supply than demand, which can lead to lower prices. Additionally, housing markets can be influenced by a variety of factors, such as the overall economy, interest rates, and demographics. By keeping tabs on housing market trends, you can make more informed decisions about buying or selling a home.

Here are some key terms that we will be evaluating in this article:

Closed Sales

Closed sales are a key indicator of the health of the housing market. When buyers close on a home, it signals that they are confident in their purchase and believe that the value of the property will continue to rise. Closed sales also provide an indication of buyer demand, as well as the number of properties that are available for sale.

In general, a rising number of closed sales is considered a positive sign for the housing market, as it indicates that prices are moving upwards and that buyers are actively searching for properties. Closed sales can also be used to predict future trends in the market, as they provide insight into the current mindset of buyers and sellers. As such, Closed Sales are an important indicator to watch when considering housing market trends.

Cash Sales

Cash buyers are typically investors who are looking for a good deal on a property, and they often have the financial resources to make a quick purchase. As a result, cash sales can be a good indicator of market conditions. If there are more cash buyers in the market, it may be an indication that prices are rising and that properties are in high demand. Cash buyers can also help to stabilize the housing market by providing liquidity during times of economic uncertainty.

Median Sale Price

The Median sale price is a housing market trend that is followed by real estate professionals and home buyers alike. This figure represents the midpoint of all sale prices for homes in a given area and can give you a good idea of whether prices are rising or falling. Median Sale Prices can be affected by a number of factors, such as the health of the overall economy, interest rates, and the number of homes on the market.

Average Sale Price

The Average Sale Price for a home is the average of all the prices of homes sold within a certain period of time, usually one month or quarter. This figure gives you an idea of what the ” going rate” is for homes in your area. The Average Sale Price is affected by many factors, such as the type of housing, the number of bedrooms and bathrooms, the size of the home, and the location. The Average Sale Price can also be affected by economic factors such as interest rates and inflation.

Dollar Volume (Sold Homes)

Dollar Volume is a term that is used to describe the total value of all homes sold in a given period. The housing market is constantly changing, and Dollar Volume is one way to track these changes. By tracking Dollar Volume, analysts can get an idea of how the market is performing overall. For example, if Dollar Volume is increasing, it may indicate that prices are rising and that more people are buying homes. Conversely, if Dollar Volume is decreasing, it may suggest that prices are falling and that fewer people are interested in buying homes. either way, Dollar Volume provides valuable insight into the trends of the housing market.

Median Time To Contract (Days On Market)

Median Time to Contract, or days on market, is a key indicator of housing market trends. This metric measures the number of days that a home is listed for sale before it goes under contract. A shorter Median Time to Contract indicates that homes are selling faster, while a longer Median Time to Contract indicates that homes are taking longer to sell. The Median Time to Contract can be influenced by a number of factors, including the time of year, the type of housing, and regional market conditions. In general, a shorter Median Time to Contract is considered to be indicative of a strong housing market.

Inventory (Active Listings)

Inventory (Active Listings) is a term used in the housing market to describe the number of homes available for sale. Inventory levels are closely watched by industry analysts, as they can provide insight into future trends. High inventory levels typically indicate that buyers have more choices and may be able to negotiate better deals. Low inventory levels often lead to bidding wars and higher prices.

2022 Housing Market Trends

2022 Housing Market Trends- 1st Quarter

Florida Single Family Homes Trends

Florida Condo Market Trends

Our Area Data (Okaloosa and Walton counties)

2022 Housing Market: Single-Family Homes Data

Closed Sales: 2,330

Y/Y % 4.3%

Median Sale Change Price: $415,000

Y/Y % Change: 15.3%

2022 Housing Market: Townhouses and Condos

Closed Sales: 747

Y/Y % 0.5 %

Median Sale Change. Price: $495,000

Y/Y % Change: 23.8 %

2022 Housing Market Trends- 2nd Quarter

Florida Single Family Homes Trends

Florida Condo Market Trends

Our Area Data (Okaloosa and Walton counties)

2022 Housing Market: Single-Family Homes Data

Closed Sales: 2,555

Y/Y %: -12.0%

Median Sale Change Price: $439,950

Y/Y % Change: 13.0%

2022 Housing Market: Townhouses and Condos

Closed Sales: 700

Y/Y %: -23.7%

Median Sale Change Price: $586,050

Y/Y % Change: 37.9%

2022 Housing Market Trends- 3rd Quarter

Florida Single Family Homes Trends

Florida Condo Market Trends

Our Area Data (Okaloosa and Walton counties)

2022 Housing Market: Single-Family Homes Data

Closed Sales: 131

Y/Y %: -39.1%

Median Sale Change. Price: $1,074,494

Y/Y % Change: 14.5%

2022 Housing Market: Townhouses and Condos

Closed Sales: 161

Y/Y %: -8%

Median Sale Change. Price: $712.044

Y/Y % Change: 19.5%

2022 Housing Market Trends- 4th Quarter

Florida Single Family Homes Trends

Florida Condo Market Trends

Our Area Data (Okaloosa and Walton counties)

2022 Housing Market: Single-Family Homes Data

Closed Sales: 94

Y/Y %: -39.7%

Median Sale Change. Price: $941,222

Y/Y % Change: -14.8%

2022 Housing Market: Townhouses and Condos

Closed Sales: 92

Y/Y %: -54.2%

Median Sale Change. Price: $652.181

Y/Y % Change: 7%

Looking Into 2023

Recently, inventory levels have been low in many markets across the country. This has led to increased competition among buyers and put pressure on prices. However, there are signs that this trend is beginning to change. Inventory levels have been rising in some markets, giving buyers more choices and potentially leading to more favorable or stable conditions. Whether this trend continues will largely depend on economic conditions and the preferences of buyers and sellers.

Are you looking to keep up to date with the market trends? Check out these articles from Floridarealtors.org!

Please note: Information was produced by Florida Realtors® with data provided by Florida’s multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

 

Are you looking to buy or sell a property in the Destin area? Contact the Real Estate Professionals at Sandpiper Cove Realty today! We would be happy to help you through every step, from start to finish. Give us a call at 850-654-2357 today.

We look forward to hearing from you!

Sandpiper Cove Realty is Destin’s leading real estate brokerage, with agents ready to help you with all your real estate needs. With years of experience and knowledge in the industry, we can provide you with the guidance and support you need to make the best decisions for your unique situation. Whether buying or selling a property, we’re here to help you every step of the way. Contact us today to get started!

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