Latest news with #KeyesCompany
Yahoo
13-03-2025
- Business
- Yahoo
South Florida's housing market cooling down as number of listed homes keeps rising
Home sales are beginning to slow across the United States, including in South Florida. And as the supply of active listings grows, prices may start to decrease. Pending home sales have fallen by 6.4% in the U.S. compared to last year, according to Redfin, a real estate and mortgage service. South Florida is experiencing this drop, too. The market has begun digesting what Keyes Company CEO Mike Pappas called the 'COVID-19 sizzle,' when home sales were at an all-time high and inventory was at an all-time low as people moved quickly in the real estate market. Now that it's been a few years since the peak of the pandemic, 'we're getting a more normal crescendo in the market,' Pappas said. According to the Broward, Palm Beach and St. Lucie Realtors, active listings of single-family homes, townhouses and condominiums rose from January 2024 to January 2025 in both Broward and Palm Beach counties. In Broward County, 3,838 single-family homes were listed for sale in January 2024, but this past January, 5,213 single-family homes were on sale, which is an increase of about 36%. Also in Broward, 7,494 townhomes and condos were on sale in January 2024, and that number rose to more than 11,000 in January 2025. The housing market scene was similar in Palm Beach County — 4,900 single-family homes were available for sale in January 2024, and that number jumped by 25% to 6,136 in January 2025. And 5,785 townhomes and condos were on sale in January 2024 in Palm Beach County, but a rise of nearly 39% led to 8,023 active listings this past January. Palm Beach and Broward counties' year-over-year change is a sign of what Florida is experiencing right now. The state saw the highest number of homes listed for sale in the past 13 years with more than 172,000 homes available on the market, Redfin recently noted. Housing inventory is rising largely because interest rates have been consecutively declining — ever so slightly — for several weeks, newly constructed homes continue entering the market, and nationally, people who rent homes are staying put for longer periods of time before moving, according to recent data by Point2Homes. Sellers are now responding to these market conditions, which could mean a cooldown in price growth over the next several months. This market softening could then ultimately lead to more buyers entering the market this spring, according to Pappas said inventory on the market and price appreciation have an inverse relationship: The greater the supply, the more likely that price appreciation will slow. The number of available houses that experienced price cuts was the highest in February than it has been since 2016 across the U.S., according to 'This high share of price reductions could signal further price softening in the coming months as sellers adjust their expectations to market conditions,' Chief Economist Danielle Hale said in a report. For owners hoping to sell, real estate experts believe the ideal time is quickly approaching, with trends from previous years indicating that mid-April is quite favorable for sellers. 'Spring is typically a good time to list your home,' Hale said in a recent report. 'Very predictably, homes listed in the spring tend to be priced higher and sell faster than the average week throughout the year. While tariffs and inflation continue to be concerns that could dampen buyer and seller confidence, harnessing the seasonal trends in real estate is a proactive way to navigate what's ahead.' A primary reason for this is quite simple — families are less likely to move during the school year, Pappas said. 'It's not just April. April, May, June is the strong shopping season and it's still good, so it's not just April. It's not like one day everybody comes out to buy,' he said. But Pappas does not recommend waiting until then to sell if one is currently in a position to do so. 'If you want to sell, you get the house on the market now,' he said. 'It takes a while to position the house properly, get photos, clean up the house, prepare it for the sale. It takes maybe a month or so, or a couple of weeks, to declutter, to do fix-ups, to get it ready for sale, then you've got to get the marketing and the promotion.' 'If you're thinking about selling, now is the time.'
Yahoo
13-03-2025
- Business
- Yahoo
South Florida's housing market cooling down as number of listed homes keeps rising
Home sales are beginning to slow across the United States, including in South Florida. And as the supply of active listings grows, prices may start to decrease. Pending home sales have fallen by 6.4% in the U.S. compared to last year, according to Redfin, a real estate and mortgage service. South Florida is experiencing this drop, too. The market has begun digesting what Keyes Company CEO Mike Pappas called the 'COVID-19 sizzle,' when home sales were at an all-time high and inventory was at an all-time low as people moved quickly in the real estate market. Now that it's been a few years since the peak of the pandemic, 'we're getting a more normal crescendo in the market,' Pappas said. According to the Broward, Palm Beach and St. Lucie Realtors, active listings of single-family homes, townhouses and condominiums rose from January 2024 to January 2025 in both Broward and Palm Beach counties. In Broward County, 3,838 single-family homes were listed for sale in January 2024, but this past January, 5,213 single-family homes were on sale, which is an increase of about 36%. Also in Broward, 7,494 townhomes and condos were on sale in January 2024, and that number rose to more than 11,000 in January 2025. The housing market scene was similar in Palm Beach County — 4,900 single-family homes were available for sale in January 2024, and that number jumped by 25% to 6,136 in January 2025. And 5,785 townhomes and condos were on sale in January 2024 in Palm Beach County, but a rise of nearly 39% led to 8,023 active listings this past January. Palm Beach and Broward counties' year-over-year change is a sign of what Florida is experiencing right now. The state saw the highest number of homes listed for sale in the past 13 years with more than 172,000 homes available on the market, Redfin recently noted. Housing inventory is rising largely because interest rates have been consecutively declining — ever so slightly — for several weeks, newly constructed homes continue entering the market, and nationally, people who rent homes are staying put for longer periods of time before moving, according to recent data by Point2Homes. Sellers are now responding to these market conditions, which could mean a cooldown in price growth over the next several months. This market softening could then ultimately lead to more buyers entering the market this spring, according to Pappas said inventory on the market and price appreciation have an inverse relationship: The greater the supply, the more likely that price appreciation will slow. The number of available houses that experienced price cuts was the highest in February than it has been since 2016 across the U.S., according to 'This high share of price reductions could signal further price softening in the coming months as sellers adjust their expectations to market conditions,' Chief Economist Danielle Hale said in a report. For owners hoping to sell, real estate experts believe the ideal time is quickly approaching, with trends from previous years indicating that mid-April is quite favorable for sellers. 'Spring is typically a good time to list your home,' Hale said in a recent report. 'Very predictably, homes listed in the spring tend to be priced higher and sell faster than the average week throughout the year. While tariffs and inflation continue to be concerns that could dampen buyer and seller confidence, harnessing the seasonal trends in real estate is a proactive way to navigate what's ahead.' A primary reason for this is quite simple — families are less likely to move during the school year, Pappas said. 'It's not just April. April, May, June is the strong shopping season and it's still good, so it's not just April. It's not like one day everybody comes out to buy,' he said. But Pappas does not recommend waiting until then to sell if one is currently in a position to do so. 'If you want to sell, you get the house on the market now,' he said. 'It takes a while to position the house properly, get photos, clean up the house, prepare it for the sale. It takes maybe a month or so, or a couple of weeks, to declutter, to do fix-ups, to get it ready for sale, then you've got to get the marketing and the promotion.' 'If you're thinking about selling, now is the time.'
Yahoo
15-02-2025
- Business
- Yahoo
Why Miami's buzzy Little River is attracting savvy property investors
Don't be fooled by its name or dodgy reputation: Miami's Little River has big potential and is currently benefiting from major buzz. Little River is one of the city's oldest neighborhoods. Due to its location along the pint-sized waterway that flows into nearby Biscayne Bay, it was one of the first places in Florida settled by indigenous tribes. From a bird's-eye view, it looks like a 1.25-square-mile industrial eyesore. But on the ground? It's starting to look like it could be the next Wynwood. 'With easy access to the city's main arteries, it's a neighborhood that blends the best of Miami's eclectic culture,' said Dan Schor, a partner at AJ Capital Partners, a Nashville-based real estate investment firm that is the area's primary developer. 'Over the next several years, we plan to develop a variety of multi-family apartment projects, all designed to bring a human scale to Little River while preserving the neighborhood's character.' Expect, he said, garden-style residences and townhouses, as well as low- and mid-rise apartment buildings. Currently, most Little River listings are fixer-uppers. They range from a 500-square-foot condo — listed for $148,000 — cocooned in a chain-link fence with razor wire at the top to a 6,534 square-foot riverfront vacant lot — asking $1.6 million — in desperate need of a date with a landscaper. Still, Ramona Bautista, a local realtor with the Keyes Company, recently sold two listings in Little River. 'The neighborhood is evolving quickly, providing both buyers and investors with the opportunity to be part of its transformation,' she said. Nickel M. Goeseke, a local agent representing a $12.9 million waterfront mansion in neighboring Belle Meade, is optimistic. 'Little River is just getting started,' he said, 'and will continue to improve as more and more people move and visit the area.' So far, Little River's biggest draw is dinner. 'The hardest reservation in Miami to get is now Sunny's Steakhouse,' Goeseke said. Just across the railroad tracks, foodies find Michelin-rated Ogawa, a 10-seat sushi bar boasting the highest ratings of all one-star Michelin restaurants in the US. More destination eateries are on their way including a 9,000-square-foot Fooq's. 'I thought this was a real opportunity to create an amazing destination dining venue with a great nightlife component in a neighborhood that was desperately needing it,' Fooq's owner David Foulquir said. Still, even he isn't quite sold on living in the area quite yet — he's shopping in El Portal, Little River's neighbor to the north. Steve Santana, chef and partner of Off Site nano-brewery and kitchen, agreed. 'I would actually be surprised if you found someone who lives here because it's still very up and coming,' Santana said. 'A lot of growth and development on the way, but currently, it's still a bit rough around the edges, if you know what I mean.'
