Market Predictions 2023 | South Florida Real Estate WHAT TO KNOW | Palm Beach County Update

Описание: Market Predictions 2023 | South Florida WHAT TO KNOW | Palm Beach County Market

Larry Mastropieri, Broker & Owner of Florida Homes Boca Raton, has provided data that indicates a decline in Palm Beach County, Florida's real estate market, which is expected to continue in the coming months. The first indicator he mentioned was a 22% drop in the number of properties that went under contract in January 2023 compared to the same month in 2022, reflecting a decline in demand. Moreover, there is currently 90% more inventory on the market than there was a year ago, with 40% fewer homes sold in January 2023 compared to January 2022, which also points towards lower demand.

Additionally, the average listing's time on the market has increased by 66% compared to last year, reflecting the difficulty in selling homes in the current market. In terms of prices, properties are selling for about 8% less than their asking price on average, as opposed to the 0.3% discount last year.

In December 2022, the average sale price was $162,000 less than the market's peak in June 2022, reflecting a sharp drop in prices in a short period of time. However, Mastropieri remains optimistic about the market's future and believes it to be healthy, despite the negative metrics.

He did not provide any further information about the reasons for his optimism but invited viewers to subscribe to learn more in future videos. If you like these videos and data-driven analyses of what is happening in the Palm Beach County, Florida real estate market, please like this video and subscribe to 'Discover South Florida' for all the latest!
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00:00 Introduction To Palm Beach County Florida Real Estate Market Update 2023
00:13 Current Demand In Palm Beach County Florida Real Estate Market Update 2023
00:47 Home Selling Prices In Palm Beach County Florida Real Estate Market Update 2023
01:23 Larry's Thoughts On Palm Beach County Florida Real Estate Market Update 2023