These are three trends we’re seeing in our area’s housing market.
As the real estate market shifts, it can be hard to keep up with all the changes. We are here to help you stay informed, so here are three trends we are seeing in the current market:
1. Inventory is starting to increase. Homes have been scarce lately, and for the entire Keys area, the number of total listings has been hovering around 1,350. In comparison, this past week it went up to 1,420 homes. That number still may not feel like a lot, but it is encouraging that inventory has increased, and we expect that trend to continue.
“These changes in the market affect affordability.”
2. Home prices are still rising. The average sales price in our area has increased significantly over the past couple of years, and it’s hovering around $1 million currently. That number is different in each specific area, but values are going up overall. This will affect affordability, so make sure to talk with a lender.
3. Mortgage rates have started to decrease. This point also affects affordability. Mortgage rates have certainly gone up this year, which has affected everyone. In December 2021, the rate was 3.11% for a 30-year fixed loan. This year, it’s at 6.49%. Clearly, that’s a significant increase. However, the rates have gone down in the past month. Rates were recently around 7.08%, but as I said, now they’re down to 6.49%. This will positively affect affordability at all price points.
These are the trends we’re seeing as December starts and we’re wrapping up 2022. If you have any questions about this or real estate in general, you can call me at (305) 481-3317 or my partner Lela at (305) 395-0814. Also, you can visit our website here. We look forward to hearing from you!
