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Marathon Florida Real Estate Forecast 2023
The Marathon Florida residential real estate market forecast isn't easy to predict, given all the factors at play and some possible new challenges arising over the next few months.
By: Coldwell Banker Schmitt Real Estate Co.
However, it is possible to look at some current data and previous trends in order to gain a bit of insight as to what might unfold in the new year.
The residential real estate market in Marathon is currently facing several challenges. With over 210 active listings and a median asking price of $1.4 million, the market is seeing high prices and a slow pace of sales - neither of which is all that unusual for such a highly desirable market.
The median list price per square foot is $839, and the median selling price is $850,000, representing a year-over-year increase of 88.5%. While homes in the area are selling for just 1.78% under their asking prices, the sale-to-list price ratio is 98.22%, indicating a relatively stable market. However, the median days on the market are running very high at 103 days, or more than 3 months, indicating a buyer's market, albeit only marginally.
One of the main factors impacting the real estate market in Marathon is the rising interest rates and inflation. These factors are causing many potential buyers to either pull away from the real estate market altogether or put off their home purchases for the foreseeable future. In addition, the area has seen fewer new housing construction starts, which is further limiting the available inventory and putting upward pressure on prices.
But, there is some good news in the fact that so many people are relocating to the state from the west coast and the northeast. These new residents will put more demand on housing, which will benefit sellers through increased competition. It can also benefit buyers in softer markets, giving them more negotiating power.
Overall, the residential real estate market in Marathon is facing some challenges, including high prices, slow sales, rising interest rates, and inflation. These factors are likely to continue to impact the market in the foreseeable future, making it a challenging time for both buyers and sellers. However, with a relatively stable sale-to-list price ratio and a buyer's market, there may be opportunities for those willing to navigate the current market conditions.
For help or questions about selling or buying a property in the Lower Keys. Please call Diane at 305-849-