One Year Later The Home BUYERS Market Rages On

One year later, the buyers market is gaining momentum.?

Tomorrow marks one year when I wrote about?the new buyers market. It was the first time in years we had a buyers market . Today it's a stronger buyers market than it was then.

Supply growth is the first place I look. In that essay I wrote there were 44,389 units for sale. Today there are 61,586. That's a one year rise of almost 39%.?

In January 2022, housing supply bottomed at 14,785 available units. So in just over three years, supply is up a staggering 316%.?

The Buyers Market By The Numbers

To drive this point home so you have no questions about the strength of this buyers market, below is an update comparing the?Months of Supply?(MOS) from last year to today by zip code (Reminder, above 6 months is a buyers market):

* 33483 - Delray's luxury beachside market: 8.16, now 9.52

* 33487?- Highland Beach to Military Rd - 7.68, now 7.99

* 33432 - Boca Raton (east) - 8.96, now 10.99

* 33062 - Hillsboro and Pompano Beach east of Intracoastal - 7.94, now 11.79

* 33480 - Peanut Island to South Palm Beach / Lantana - 15.36, now 18.14

As you can see, each market is diving deeper into this buyers market. Supply overwhelms demand as evidenced in the data.

How Buyers Win In This Buyers Market

But what does this mean if you are buying today? Regular readers know I don't sugar-coat the data. It is what it is. And generalizing doesn't work. Buying fundamentals still reign.?

So if you find a property and decide to make an offer, we still need to run a comparable study to understand pricing patterns in the immediate neighborhood. Winging it and thinking, "let's start 8, 10, 15% below list price" is a bad strategy.?

There are still homeowners willing to hold their ground when negotiating. According to Bankrate, the average U.S. homeowner has approximately $311,000 in equity. Knowing that, and the fact that?more sellers?are competing for?less buyers, buyers have the upper hand and are able to walk away if they don't get the right deal. They know there are more properties to choose from.?

Until or unless supply falls, mortgage rates fall, or MOS comes back down to normal... 2025 will remain a buyers market.?

So if you're a buyer, get your pre-approval letter and cash ready to take advantage of this opportunity you've waited years to arrive.

(Main Photo: A1A's Coastal House Condo's in a spring sunset)

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***?This Saturday is Party Time! Yup, the 55th Annual?Delray Beach St. Patrick's Day Parade?and Festival is back?(you may see me driving a cool Mustang with a commissioner, or handing out green beads to on-lookers)

***?Read why?Seller Disclosures?matter and are an important detail in every transaction

*** My friends Keith & Carol, my wife and I ate at?Gestos?last week - simple menu, good pizza. And?Gabriela's Modern Italian?had its soft opening. Watch for their grand opening any day

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?-------------------------------------------

? ? ? ? ? ? ? *** South Florida Real Estate Inventory is Now?ABOVE?2019***

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Last week's supply was 60,882

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Today's supply is 61,586

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Supply was UP 704 units last week?

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? *** That's a rise of 7,312 or 14% in 2025?***