Miami Real Estate Market Utterly Collapses
It was bound to happen. The Florida real estate market is coming apart. Sellers are in the market in large numbers. Buyers are not. The cause is almost certainly huge storms and the description and rising home insurance that they bring.
Realtor.com has released its April analysis of home prices, inventory, and sales. Nationwide, there are 34% more sellers than buyers. The number has been unprecedented since 2013 when the research began. Thirty-one of America’s largest markets favor buyers based on this metric. “There are an estimated 1.9 million home sellers in the U.S. housing market and an estimated 1.5 million homebuyers. In other words, there are 33.7% more sellers than buyers (or 490,041 more, to be exact).”
Florida Market Trouble
There are several reasons for the disparity. It is expensive to buy a home, particularly with 30-year fixed mortgage rates at 7%. Economic uncertainty is another.
The percentage of sellers compared to buyers is 197.7% in Miami. There are 21,672 homes on the market and only 7,280 buyers. West Palm Beach has the next highest ratio of 182% (18,075 to 6,409). Fort Lauderdale is third at 179.3%. (21,018 to 7,527). Jacksonville is fifth at 118.6% (14,479 to 6,598.) Tampa is sixth at 118.6% (26,917 to 12,313)
The cities with the most favorable ratio of buyers to sellers are the New York area and old industrial cities, which include Baltimore, Cleveland, and Providence. Not a single one of the top seven are in the south.
The impact of violent weather may have offset the favorable tax rates in Florida.
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