PALM BEACH COUNTY, Fla. — Actual property specialists say the indicators are exhibiting the housing market is cooling off.
“Longer advertising instances, fewer properties that promote throughout a given advertising interval, the variety of bidding wars go down,” mentioned Ken Johnson of the actual property initiative at Florida Atlantic College.
Actual property brokers say they’re additionally seeing it.
“The final couple months you do an open home and 50 to 100 events stroll by way of, now it’s slightly extra normalized 5 to 7 events,” mentioned Anthony Salerno of Prime Residence Realty in Wellington.
However as gross sales appear to sluggish, partially because of rising mortgage charges, costs in South Florida usually are not falling a lot.
“We’re beginning to see slightly extra round individuals decreasing costs her and there however it’s nonetheless when you take a look at the common asking worth it’s nonetheless larger traditionally,” Salerno mentioned.
“What we’re getting away from is that this double digit or 20 p.c yr over yr enhance, that’s unrealistic,” Johnson mentioned, which does nonetheless current an unaffordable barrier up for a lot of patrons seeking to get into the South Florida housing market.
“It’s most likely going to be a sellers’ market not like we noticed for the final yr or so, however we’ll most likely be in what we name a sellers’ marketplace for the subsequent yr or two,” he mentioned.