Redfin Reports Pending Home Sales Plummet Over 50% in Three … – Redfin

Cape Coral noticed pending gross sales sink 58%—almost double the nationwide decline—whereas Naples and North Port noticed related drops. New listings additionally slumped in all three metros
SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) — Pending house gross sales plunged 58% yr over yr within the Cape Coral, FL metro space through the 4 weeks ending Oct. 16 within the aftermath of Hurricane Ian, in response to a brand new report from Redfin (redfin.com), the technology-powered actual property brokerage. That’s almost twice the nationwide decline of 32%.
Pending gross sales additionally slumped within the close by Naples (-52%) and North Port (-51%) metro areas.
Different Florida metros skilled giant—however much less extreme—declines. Pending gross sales fell 47% in Miami, 46% in Jacksonville and 43% in West Palm Seaside. They have been down greater than 40% in Deltona, Tampa and Orlando.
Southwest Florida noticed outsized decreases in pending gross sales because the storm quashed house listings. In Cape Coral, new listings sank 59% yr over yr through the 4 weeks ending Oct. 16—greater than triple the nationwide decline of 19%. They fell 53% in Naples and 40% in North Port.
New listings additionally fell in different elements of Florida, however not as sharply. They have been down 33% in Jacksonville, 30% in Orlando and 28% in each Tallahassee and Tampa.
Hurricane Ian has exacerbated a housing-market slowdown in Southwest Florida that was already extra extreme than the downturn in different elements of the U.S. North Port and Cape Coral have been among the many quickest cooling housing markets within the nation previous to the storm. That’s largely as a result of scores of individuals moved in through the pandemic, which drove costs to document highs and brought about the markets to overheat. Cape Coral had the best value development within the nation in August, the month earlier than the storm. Tampa, North Port and West Palm Seaside rounded out the highest 5.
Cape Coral, North Port and Tampa have constantly ranked on Redfin’s record of hottest migration locations through the pandemic. Recognition is measured by web influx, or what number of extra Redfin.com customers seemed to maneuver into an space than go away.
Whereas almost two-thirds of homebuyers and sellers say they’re hesitant to maneuver someplace with local weather danger, many nonetheless did through the pandemic as a result of they have been trying to find relative affordability, decrease taxes and/or heat climate. A 2021 Redfin evaluation discovered that extra individuals moved into than out of the U.S. counties with the biggest share of houses dealing with excessive flood danger from 2016 via 2020—a development that intensified through the pandemic transferring frenzy.
Whereas pending house gross sales and listings are plunging in Southwest Florida, house costs stay elevated. In Cape Coral, the median new itemizing value rose 15% yr over yr to $408,231 through the 4 weeks ending Oct. 16. That’s almost double the nationwide enhance of 8%. The median new itemizing value climbed 14% in North Port and 24% in Naples.
Whereas costs stay up on a year-over-year foundation, value development has slowed from latest weeks. If costs proceed to ease, extra traders may even see a possibility to purchase and flip broken houses in Southwest Florida. Florida is already a hotspot amongst traders. In Jacksonville, 31.9% of houses that bought within the second quarter have been purchased by traders—the next share than every other market analyzed by Redfin. Miami, Orlando and Tampa have been additionally within the high 10.
To view the total report, together with charts, please go to: https://www.redfin.com/news/florida-home-sales-fall-hurricane-ian/
About Redfin
Redfin (www.redfin.com) is a technology-powered actual property firm. We assist individuals discover a place to dwell with brokerage, immediate home-buying (iBuying), leases, lending, title insurance coverage, and renovations companies. We promote houses for extra money and cost half the payment. We additionally run the nation’s #1 real-estate brokerage web site. Our home-buying prospects see houses first with on-demand excursions, and our lending and title companies assist them shut rapidly. Prospects promoting a house can take an immediate money provide from Redfin or have our renovations crew repair up their house to promote for high greenback. Our leases enterprise empowers tens of millions nationwide to seek out flats and homes for hire. Since launching in 2006, we have saved prospects greater than $1 billion in commissions. We serve greater than 100 markets throughout the U.S. and Canada and make use of over 6,000 individuals.
For extra data or to contact a neighborhood Redfin actual property agent, go to www.redfin.com. To find out about housing market tendencies and obtain information, go to the Redfin Data Center. To be added to Redfin’s press launch distribution record, e mail press@redfin.com. To view Redfin’s press heart, click here.

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