One challenge that homebuyers have been facing throughout the US (and beyond) over the past few years has been low housing inventory. High demand for housing and low supply have combined to drive up home values. That is great if you are selling, but it can impose an obstacle for those who are buying.
Thankfully, there is good news for people looking to buy a home in Florida. Housing inventory in Florida has increased recently.
Analyzing inventory data for December 2024 from Realtor.com, ResiClub found that 9 states now have housing inventory that is back to the levels we saw before the pandemic, and that 5 more states are close behind.
Florida was one of the states where the data showed the largest increase in housing inventory. Other states with a high increase included Georgia, Hawaii, Nevada, Colorado, and Vermont. Housing inventory increased in many other states as well, but not to such a significant degree.
Discussing the data, ResiClub wrote, “In Florida, the biggest inventory increases initially over the past two years were concentrated in sections of Southwest Florida. In particular, in markets like Cape Coral, Punta Gorda, and Fort Myers, which were hard-hit by Hurricane Ian in September 2022.” ResiClub continued, “Markets like Jacksonville and Orlando are also above pre-pandemic levels, as are many coastal pockets along Florida’s Atlantic Ocean side.”
The factors that ResiClub said contributed to the boost in housing inventory in Southwest FL in particular included:
- Homes damaged by Hurricane Ian going on the market
- Demand decreasing due to factors such as mortgage rates, insurance premiums, HOA fees and home values all soaring
Of course, if you are going to buy a storm-damaged house, you will need to be very careful. You will need to conduct a very thorough home inspection to ensure that no damage is missed. You either will need to buy a home that has been repaired to your satisfaction, or you will need to be prepared to do the work yourself on a fixer-upper.
Not to say that all of the increased housing inventory is storm-damaged. Plenty of the homes that have hit the market lately are in great condition. While high home values have contributed to the suppression in demand, remember that lower demand and higher supply should ultimately hold home prices in check, which may make this a relatively affordable time to purchase a home.
Buy a Home in South Florida or Beyond
The increase in home inventory in Florida represents a window of opportunity. But it is one that may not stay open indefinitely. That is why if you are planning on buying a home, it makes sense to move forward now rather than wait.
If you want to take advantage of the increased inventory, PLC can connect you with a competitive mortgage. To get started now, please give us a call at 954-840-8811. We can help you buy a home anywhere in Florida.
