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At last, some movement, although, unfortunately, only new listings. There were four in October, 9736 (1,485sf) is priced at $479,000 ($300psf), 9727 (1,698sf) is priced at $478,900 ($282psf), 9742 (1,915sf) is priced at $524,900 ($274psf) and 8934 (2,338sf) is listed at $775,000 ($331psf). There are zero pendings again and there were no closings in October – none since June. We are at the outset of the 2023/24 snowbird season. It is quite normal to see increasing listings as some owners plan to stay warm for one last winter before returning up north with their proceeds. Florida is still a leading destination; new residents are constantly flowing into the state. In 2022, it is estimated that the population grew to 22.2mm with 444,000 coming here and 275,000 leaving – a net inflow of about 463 new people a day. That’s one of the influences keeping Florida home values somewhat more buoyant than elsewhere in the country. The US economy grew at 4.9% in the third quarter, dramatically beating expectations. Most commentators were expecting a slowdown, only to be thwarted yet again. Inflation is too high and certainly mortgage rates are too high (today a tickle over 8% nationally) to attract sellers to dump their 3% loans and buyers to borrow. Buyers would be wise to ask sellers, in exchange for paying the asking price, to help by buying down their monthly payments for a year or two – which is good for sellers too, of course. In a couple of years it might be possible to refinance today’s expensive debt at lower rates again. Meanwhile, progress is being steadily maintained in our recovery at Vivante and the new roofs look wonderful.
