Not just condos: Florida's housing market is softening, especially along the southwest coast

[Zorro]

Prices are falling and inventory is rising in much of the Sunshine State.

Florida’s pandemic-era housing boom is finally starting to fade.

For-sale inventory in the state has reached the highest levels on record, and homes are staying on the market longer even as peak homebuying season kicks off. In many parts of the state, prices are starting to fall.

The turning market comes as migration to the Sunshine State slows, and a combination of hurricane fears, rising insurance and tax bills, and a steady supply of new construction has given buyers more leverage. While the state’s condo market has been in correction ever since new building laws took effect in the aftermath of the 2021 condo collapse in Surfside, Fla., the market for single-family homes is also starting to soften.

“Inventory and time on market has been dramatically increasing,” said Ben Grieco, a real estate agent in the southwestern city of Port Charlotte. “It’s not like buyers have left by any means, but there’s just so much to choose from that it’s really pushing prices down.”

https://finance.yahoo.com/news/not-just-condos-floridas-housing-market-is-softening-especially-along-the-southwest-coast-130036267.html

Not too surprising. The market is being flooded with expensive cookie-cutter homes with five foot setbacks on former grove and pasture lands, with little consideration for drainage and ingress/egress needs.