Real estate company Redfin says another record just happened with Florida’s housing market.
The state saw a 23% year-over-year increase in the number of homes that just came on the market, a 23% jump over last year.
Redfin says the contributing factors why more Floridians are putting there house up for sale is from an influx of newly built homes for sale, intensifying natural disasters, and surging insurance costs and HOA fees.
“Florida has seen housing inventory surge because it has been building more homes than most states. It’s also grappling with intensifying natural disasters, which has caused home insurance costs to skyrocket and prompted some homeowners to leave the state. With so many options for buyers to choose from, a lot of homes for sale are sitting on the market for months at a time, causing stale inventory to pile up. Listings are also piling up because homebuyer demand has been cooling; pending home sales in Florida fell 9.3% year over year in January,” said Redfin.
Because of new condo restrictions and HOA fees, more consumers are looking to sell their units, which is also raising the inventory.
Where are the hot spots of housing inventory in the state?
Cape Coral, Deltona-Daytona Beach, Homosassa Springs, Lakeland, North Port-Sarasota, Ocala, Port St. Lucie and the Villages. Redfin says five out of the eight metro areas are on Florida’s east coast where homeowners often face higher natural disaster risk, insurance costs and HOA fees.
“It’s a buyer’s market, meaning sellers may need to offer concessions to woo bidders, and should also make sure their homes are in tip-top shape,” said Bryan Carnaggio, a Redfin Premier real estate agent in Jacksonville
Carnaggio says bidding wars have slowed down these days because of the higher number of houses up for sale.
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