The answer to that question is yes. There are signs the housing market may be cooling in our area. Yesterday, the Royal Palm Coast Realtor's Association published the May, 2022 results reflecting a decline in home sales for the third consecutive month. With the increase in mortgage interest rates coupled with rising home prices, budget minded buyers are likely rethinking their strategy. Although New Listings reflect an increase of 11.2% when compared to May 2021, Pending Sales also increased by 28.4%. The Median Sales Price was $410,000, an increase of 31.9% when compared to May, 2021 when it was $390,000. The SWFL market remains in favor of Sellers where they received 99.8% of their List Price in the month of May. With a 1.3 month supply of homes to sell, buyers remained in a very competitive environment.
The monthly reports from the association are provided to its members between the 15th and the 20th of each month. I will be providing the updates to you monthly through this newsletter.
Have questions? Reach out to me, I am here to assist!
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