Florida's housing market faces a crisis as unsold homes surge nearly 23% year-over-year, leading to significant price drops for sellers. Housing experts highlight high upkeep costs, surplus post-pandemic construction, and ongoing natural disasters as contributors. As of January, the number of unsold homes reached a record high, causing pending sales to fall almost 10%. Notably, condo inventories are at an all-time peak, exacerbated by increased HOA fees driven by new safety regulations and natural disasters.
The end of January saw 172,209 unsold homes in Florida - the state's highest unsold inventory since Redfin began collecting data in 2012.
Bidding wars are very rare these days. With this many houses for sale, a home basically needs to look like it's out of a magazine - and be priced fairly - to get multiple offers.
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