BUYERS MARKET IN FLORIDA
Karen Laurence
Real Estate Consultant/Outside Sales/Director/Communicator/Customer Relations Expert/Account Rep/College Prep/Networking
Zillow publishes a wide variety of metrics that dissect different aspects of real estate markets, but this index is a new way to visualize how market participants are feeling as they shop and transact – how much competition they can expect, and how it compares to the past and to other markets across the country. If fewer homes go pending quickly, more listings see price cuts or fewer buyers click on a listing, the index will trend toward buyers.?
Competition among buyers is less intense than in recent spring shopping seasons, and is easing up instead of peaking – the result of high costs and an injection of listings. However, persistently low inventory means sellers generally have more power in negotiations than before the pandemic.
Would-be buyers who witnessed intense competition in sunny Texas and Florida markets earlier on in the pandemic aren’t seeing such a frenzy now, as strong construction in many of these markets has helped restore inventory levels. Austin and San Antonio are two of just three markets with more inventory now than pre-pandemic, while Tampa, Orlando and Jacksonville have among the smallest deficits.?
In part due to this relatively plentiful inventory, Florida metros make up three of the four markets considered to be “buyers markets” according to Zillow’s market heat index. An additional seven markets are considered to be “neutral” markets, with one of those in Florida and three more in Texas. The other 39 of the 50 largest U.S. metro areas are either “sellers markets” or “strong sellers markets.”?