The findings from the March survey conducted by John Burns Research and Consulting (JBREC) have been made publicly available, revealing an intriguing insight into the real estate landscape.

As the real estate landscape evolves, recent findings from a JBREC survey shed light on contrasting trends between the Northeast and Florida housing markets. Here’s a breakdown of the key takeaways:

Northeast Housing Market:

The Northeast is experiencing a surge in housing market activity, characterized by robust demand and limited inventory. Buyers are facing fierce competition, leading to bidding wars and rapid price appreciation. Various factors, including low mortgage rates, favorable job prospects, and a desire for more space amidst the ongoing shift to remote work drive this trend.

Florida Housing Market:

In contrast, the Florida housing market is cooling off slightly, with a moderation in both demand and price growth. While still buoyant, the pace of activity has eased compared to previous years. Factors contributing to this slowdown include rising interest rates, inventory replenishment over 26% year over year, insurance increased, and affordability concerns in some areas.

Housing inventory levels in Florida are up the most in the nation on a year-over-year basis (57%), but the bulk of the increase is concentrated in sections of Southwest Florida—particularly in housing markets like Cape Coral and Fort Myers, which were hard-hit by Hurricane Ian in September 2022.

Top 4 Key Insights from the JBREC Survey:

  1. Northeastern Surge: The Northeast continues to be a hotspot for real estate activity, fueled by strong demand and competitive market conditions.
  2. Florida’s Deceleration: Florida’s housing market is experiencing a mild slowdown, attributed to factors such as rising interest rates and affordability challenges.
  3. Market Dynamics: Understanding the contrasting dynamics between the Northeast and Florida markets is crucial for investors and homebuyers seeking opportunities in these regions.
  4. Strategic Considerations: Investors should assess market conditions and tailor their strategies accordingly, whether it involves capitalizing on the Northeastern boom or navigating the nuances of Florida’s cooling market.

By leveraging insights from the JBREC survey and staying abreast of market trends, investors, homeowners, and buyers can make informed decisions in this dynamic real estate landscape.