FLORIDA NEWS AND REAL ESTATE 

FLORIDA NEWS AND REAL ESTATE 

We're meeting (like every month) to talk about news and real estate in Florida . Let's take a look at the country's economic situation together to understand the trends currently occurring. We're looking back at this incredible period called "the great resignation." We're also taking a look at real estate on a national scale, analyzing the major trends and events for . Let's see how the market reacts to different phenomena. Finally, in this article, we examine the key figures and our feelings on the ground in Florida.

the great resignation whashigton post

Source: The Washington Post headlines this general movement as "Great Resignation"

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Wave of resignations and the economy in the United States

Why are millions of Americans quitting their jobs?

It was in August that a figure was noted: 4.3 million Americans left their jobs.

The quit rate, which is measured relative to total employment, reached a peak of 2.9% in August, according to a survey by the US Labor Administration.

Dubbed "The Great Resignation," the exodus of workers has created hiring problems for many companies. In short, many jobs are currently unfilled.

More than half of U.S. workers surveyed said they plan to look for a new job in the coming year, according to Bankrate's August Job Seeker Survey.

56% of respondents said flexible working hours and remote working are now a priority.

How is the American economy doing?

Obviously, the country is experiencing a job crisis due to the many unfilled positions. More than 10 million jobs are currently available.

As a result, companies must be more competitive with workers because of this phenomenon.

White-collar workers are being pushed back into their offices, but many want to maintain the benefits of working from home with more flexible schedules. The large number of job vacancies means these workers may leave companies to continue their pandemic-era work habits elsewhere.

Beyond the job market, consumers have paid higher prices this year. Studies have found that nine in ten Americans (or 89%) said they paid more for goods and services this year. Two-thirds (66%) say it has had a negative impact on their finances, according to another Bankrate survey from August.

Year-over-year increases in consumer prices reached 13-year highs.

US Real Estate Markets: Trend Confirmed for 2022?

Macroeconomic trends in the American real estate market:

After a year of soaring home prices and difficulties obtaining essential raw materials such as lumber, buyers and builders took a moment earlier this year to catch their breath and reassess the state of the housing market.

The market is changing again, with 2022 being considered a more "normal" year by some experts, with more traditional price increases. As a reminder, some markets, with a complete lack of inventory, have experienced exponential price increases.

In any case, the real estate market appears to have calmed down at the end of the year. It's worth remembering, however, that it remains historically strong and tense.

Manufacturers strongly believe and above all hope that there are signs of improvement in the supply chain for materials.

Lennar Corp., one of the largest automakers in the United States, hopes to have the problems resolved before the second quarter of 2022.

As long as demand and household income remain healthy, the economy in 2022 should perform better, with lead times returning to normal.

Legal news for landlords in the USA!

The situation regarding the eviction moratorium is unraveling. In our previous news update, we informed you of the U.S. Supreme Court's decision.

However, the outcome, as one might expect, is not as simple. In a federal state, power is largely decentralized across the various administrations.

However, we can notably highlight a certain number of events which took place:

For example, the state of California permanently ended the moratorium at the end of September 2021. This means that landlords can sue their non-paying tenants in court. However, California maintains several rules to assist tenants. For example, if the tenant manages to pay a certain percentage of their rent, eviction is not an option.

New York State is establishing a homeowner relief fund. This fund is available to certain categories of homeowners, particularly those who are still unable to recover their funds.

The situation today is not completely resolved, as we see from these examples. If you are a landlord in the United States in a difficult situation with your tenant, it is therefore advisable to analyze the situation on a case-by-case basis depending on the state and the administration concerned.

Florida Real Estate: What's New in the Market?

Let's take a look at the market figures in Florida.

Based on data from the Florida Association of Realtors:

Single-family houses are up 18%

Condos also up 16.1%

These figures compare favorably with those recorded a year ago. Sales of single-family homes increased by only 0.2%, but sales of condominiums increased by 13.1%.

Data shows that new listings continue to increase. This is encouraging news for buyers who may be waiting to see more inventory on the market.

That's according to Cheryl Lambert, 2021 president of Florida Realtors.

She continues, mentioning that new listings for single-family homes are up 10.6% year-over-year (as of August). However, it will likely take some time for inventory levels to recover.

The median sales price for existing single-family homes statewide last month was $354,000, up 18% from a year earlier. ( The median is the midpoint; half of the homes sold above the price, half of the homes sold below it .)

In a continuing trend, the share of closed sales that were all-cash purchases increased last month compared to the previous year. In August, sales of existing single-family homes paid for in cash increased by 48.3% year over year.

On the supply side of the market, inventories (active registrations) remained limited in August.

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The feeling of a team on the field in Florida

If we compare the statistical data with what is happening on the ground, the trend is largely confirmed.

In the market we operate in, which is primarily Charlotte County, transactions are completed within a few days. A house can be on and off the market in three or four days. Even the most well-known listing platforms sometimes have a delay.

A 142% increase in total home sales in Miami-Dade County. Realtor.com notes this explosion compared to the same period last year. It's not uncommon to see homes selling for more than their listed price, as well.

As we have been saying for some time now, the current real estate market is a seller's market.

On the contrary, it seems that this trend is reaching its limits. Many sellers are abusing this situation by listing prices that are too high.

We are therefore seeing a growing percentage of sellers who are learning to become reasonable again through their prices.