Page 7 - Martin Downs Bulletin - March '23

Martin Downs, Page 7

reaL estate

Treasure Coast Real Estate month’s supply of homes inspections. They now realize that they paid too much

Report for sale. This January there and are having buyer’s remorse. When that happens, they
want somebody to blame, besides themselves.
is a 3.3-month supply of
The Decline In Home Sales Continues In homes. In other words, Interestingly enough the average sales price paid in
January 2023 dropped from $1,034,061 to $654,988.
there are plenty of homes
January, Sellers Will Need To Respond By to choose from. What I’m seeing is that buyers are buying lower-priced
Adjusting Asking Prices So what is happening? real estate. Homes in the $300K to $500K price range
By Jim Weix Is the real estate market sell quickly. Many of these buyers are people that are
Statewide, home sales were down 32.5 percent compared crashing? downsizing.
to January 2022. Pending sales, which is when a property No, the real estate market As home sellers begin to realize that the crazy prices
goes under contract but hasn’t closed yet, were down 19.4 is not crashing. Simply in the first half of 2022 are over, they will begin to adjust
percent. That would seem to indicate that the hoped-for put, buyers no longer act their asking price to something closer to reality. Those
“snowbird buying spree” won’t happen. like toilet paper buyers during COVID. In fact, some that don’t, won’t sell their home, because buyers are
However, Martin County fared better, with only a 20.4 of those buyers are now suing their Realtors in court. getting smarter.
percent decrease compared to January 2022. Condos and Victor Insurance Managers reports that they are seeing a Feel free to call me if you would like to discuss your
townhomes took a beating though with a 43.8 percent decrease. 9 percent increase in lawsuits against realtors. options. I can be reached at (772) 341-2941 or jimweix@
These decreases are happening despite much more These buyers are claiming that their realtors jimweix.com.
inventory for sale. A year ago, there was less than a advised them to waive common sense things like home Jim Weix is a broker associate with The Keyes
Company. Jim has 25 years of experience selling real
estate full-time. If you have questions or want the services
of an experienced expert, you can reach Jim at (772)
A
341-2941 or jimweix@jimweix.com.

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