Real estate company Redfin says another record has happened in the Florida housing market.
The state has seen a 23% increase in the number of newly-marketed homes from the previous year, and a 23% increase last year.
Redfin states why more Floridians are selling their homes for sale, which is contributing factors from the influx of newly built homes for sale, strengthening natural disasters, and the surge in insurance costs and HOA fees.
“Florida has built more homes than most states, so we’ve seen a surge in home inventory. We’re also working to strengthen natural disasters, with home insurance costs rising rapidly, urging some homeowners to leave the state. With so many options for buyers to choose from, many homes for sale are sitting in the market for several months at a time, with old stocks piling up. As home buyers’ demand is cooled, the list is also stacked. Pending home sales in Florida fell by 9.3% year-on-year in January,” Redfin said.
Stocks are also being raised as more consumers are trying to sell units due to new condominium restrictions and HOA fees.
Where are the state’s home stock hotspots?
Cape Coral, Deltona – Daytona Beach, Homo Sassa Springs, Lakeland, North Port Sarasota, Ocala, Port St. Lucie, Village. Five of the eight metropolitan areas are on Florida’s east coast, and homeowners often face higher natural disaster risks, insurance costs and HOA fees, according to Redfin.
“It’s a buyer’s market. So sellers may need to offer concessions to bidders, and they also need to make sure the home is in cutting edge shape.”
Carnaggio says the bidding war has been slowing down recently due to the large number of homes for sale.
