{"id":7176,"date":"2022-06-23T01:08:52","date_gmt":"2022-06-23T05:08:52","guid":{"rendered":"https:\/\/empireappraisalgroup.com\/?p=7176"},"modified":"2022-06-03T16:12:46","modified_gmt":"2022-06-03T20:12:46","slug":"2-of-3-fla-homes-on-market-less-than-30-days","status":"publish","type":"post","link":"https:\/\/empireappraisalgroup.com\/2-of-3-fla-homes-on-market-less-than-30-days\/","title":{"rendered":"2 of 3 Fla. Homes on Market Less than 30 Days"},"content":{"rendered":"<h1 class=\"field field--name-title field--type-string field--label-hidden field--item\">2 of 3 Fla. Homes on Market Less than 30 Days<\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/styles\/full_width_main_image\/public\/page\/image\/2021-08\/gettyimages-597273811.jpg?h=236fbb67&amp;itok=bsCYvHmM\" alt=\"Couple watches their Realtor add a pending sign to a home's for-sale sign\" \/><\/p>\n<div class=\"far-byline-name\">\n<div class=\"field field--name-field-byline field--type-string field--label-hidden field--item\">By Erica Plemmons<\/div>\n<\/div>\n<div class=\"field field--name-field-summary field--type-text-long field--label-hidden field--item\">\n<p><em>Florida Realtors economist<\/em>: In 1Q 2022, half of new Fla. listings went under contract in 12 days \u2013 but look beyond that one statistic to see the shift in market speed.<\/p>\n<\/div>\n<div class=\"field field--name-field-body field--type-text-long field--label-hidden field--item\">\n<p>ORLANDO, Fla \u2013Florida Realtors market metrics \u2013 such as closed sales, median sale price and active inventory \u2013 summarize what\u2019s happening in your market. But sometimes, one number can\u2019t present the entire story.<\/p>\n<p>In the first quarter (1Q) of 2022, the median time to contract for all property types in Florida was down to just 12 days. The median is the \u201cmiddle,\u201d so this means half of the homes sold in 12 days or less. This compares to 24 days one year ago, in 1Q 2021.<\/p>\n<p>You can find out if homes in your local area are moving off of the market faster than the state by reviewing the median time to contract on\u00a0<a href=\"https:\/\/www.floridarealtors.org\/tools-research\/reports\/sunstats-custom-interactive-florida-housing-market-reports\" target=\"_blank\" rel=\"noopener\">SunStats<\/a>, an interactive market tool \u2013 a free service as part of Florida Realtors membership.<\/p>\n<p>The median provides a great starting point, but we can slice this data to reveal additional insights into the speed between listing and contract.<\/p>\n<p>A cumulative frequency graph shows the percentage of properties selling under a certain number of days. For instance, if 2% of homes sell on the day they\u2019re listed (0 days), and 3% sell the next day, a total of 5% (or 1 in 20 homes) sold in one day or less.<\/p>\n<p>At 50%, a cumulative frequency chart tells us the same thing as the median time to contract.<\/p>\n<div class=\"align-center media--type-image\">\n<div class=\"far-media-image\">\n<div class=\"field field--name-field-media-image field--type-image field--label-hidden field--item\"><span class=\"photoswipe-gallery photoswipe-gallery--fallback-wrapper\" data-pswp-uid=\"1\"><a class=\"photoswipe\" href=\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/2022-05\/1%2C%20Erica%2C%20Median%20Time%20to%20Contract%20Plummets.png\" data-size=\"3300x1650\" data-overlay-title=\"Median time to contract plummets graph\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" title=\"\" src=\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/styles\/large_embed_800px\/public\/2022-05\/1%2C%20Erica%2C%20Median%20Time%20to%20Contract%20Plummets.png?itok=hb47KO8m\" alt=\"Median time to contract plummets graph\" width=\"800\" height=\"400\" \/><\/a><\/span><\/div>\n<\/div>\n<\/div>\n<p>The bulge in the lines has shifted toward fewer days for a higher percentage of homes. How quickly are homes selling?<\/p>\n<p>In Florida across all property types, 68% (2 in 3 homes) sold in under 30 days in the first quarter of 2022. One year earlier, in 1Q 2021, about 54% of homes sold in 30 days or less, while only 41% sold at that pace in 1Q 2020. We can zoom in to look at these details.<\/p>\n<div class=\"align-center media--type-image\">\n<div class=\"far-media-image\">\n<div class=\"field field--name-field-media-image field--type-image field--label-hidden field--item\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/styles\/large_embed_800px\/public\/2022-05\/2%2C%20Erica%2C%2068%20of%20Q1%20Listings%5B2%5D.png?itok=3lWzqzUd\" alt=\"Graph showing 68 of first quarter Florida listings\" width=\"800\" height=\"400\" \/><\/div>\n<\/div>\n<\/div>\n<p>Recall that 41% of homes sold in 30 days just two years ago; now, in 1Q 2022, 41% of homes sold in a week or less!<\/p>\n<p>You\u2019ve likely experienced this market frenzy since the pandemic uncertainty eased. A home today serves more functions than it did in the past, so buyers who find one that suits their needs swoop it up quickly.<\/p>\n<p>As interest rates rise, demand levels may moderate and push the curve back, however. We\u2019ll follow up with any notable changes in the data as the year progresses.<\/p>\n<p><em>Erica Plemmons is an economist and Director of Housing Statistics<\/em><\/p>\n<p>\u00a9 2022 Florida Realtors\u00ae<\/p>\n<\/div>\n<p>Source:\u00a0 <a href=\"https:\/\/www.floridarealtors.org\/news-media\/news-articles\/2022\/05\/2-3-fla-homes-market-less-30-days\">2 of 3 Fla. Homes on Market Less than 30 Days | Florida Realtors<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2 of 3 Fla. Homes on Market Less than 30 Days By Erica Plemmons Florida Realtors economist: In 1Q 2022, half of new Fla. listings went under contract in 12 days \u2013 but look beyond that one statistic to see the shift in market speed. ORLANDO, Fla \u2013Florida Realtors market metrics \u2013 such as closed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Empire Appraisal Group - Highest Reviewed Appraiser in Broward<\/title>\n<meta name=\"description\" content=\"Need an Appraisal? Call or text us today for a free quote (561) 441-9298. Serving Broward County for over 15 years. Specializing in residential appraisals for listings, divorces, estate &amp; Probate, bankruptcy, IRS Gift Tax, and much more. Broward County\u2019s Leader in Home Appraisals since 2005. Call us today at 561-441-9298. 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