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As you can see above, demand this year to buy condos in the gulf coast area is down 9% while the number of condos for sale has more than doubled, but that hasn't hurt prices as the median price of closed condos has risen over 23%.
These numbers are comparing May of this year to May of 2023.
Quite a picture.
We have been in a slower market for two and a half years now. Ever since the FED started raising interest rates.
Jerome Powell recently stated that the FED wouldn't wait until inflation got the 2% before they start cutting rates again.
Are we on the tail end of the cycle?
What will rate cuts do to the market?
We could only assume that cuts would only increase transactions as pent-up demand would emerge.
Prices have not been hurt much so far, and with the end of the cycle in sight, it doesn't seem that we will see any substantial declines any time soon.
Are you thinking about buying or selling this year?
Reply this email or call/text 251-752-7663
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