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There were two new listings in January taking the total to 16, or 5% of the 342 units here. 98412 (1,915sf) is listed at $490,000 and 8936 (2,398sf) at $815,000. Good news, one listing went pending; 9025 (2,538sf) was listed at $630,000 and is slated to close on 26th February. No sales were recorded in January. Asking prices continue to fall; nine of the 16 active listings have been reduced. The average is -8%, the median is -4% and the smallest and largest cuts are -2% and -22%. I suspect that trend will continue while the situation at Vivante remains unfinished. The FOMC left the Fed funds rate at 5.375% yesterday; their statement didn’t suggest there are more interest rate hikes to come but neither are policymakers saying anything about cuts quite yet; some economists elsewhere are looking to June. The FOMC chairman reiterated that inflation is still too high and added that a March rate cut isn’t likely. The economy continues to beat expectations; last week’s economic data showed GDP increased at an annual rate of 3.3 percent in the fourth quarter of 2023. And consumer confidence in Florida is at a 2 year high. Recession, often talked about as imminent over the past 3 years, has disappeared beyond the horizon; let’s hope it stays there.
