Holley By The Sea Market Update
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Your Local Navarre Market Update
March 2024
The big news this month is the absorption rate.
We’ve been in a seller’s market for so long. But lately, buyers have been able to ask for more. They’ve been able to ask for closing costs, or for the sellers to pay for a rate buy down.
The absorption rate is the number of months it would take to sell every last home currently listed in Navarre if no new homes were listed. That is also assuming that the selling pace remains the same.
An absorption rate of 3-6 months is a balanced market. We finally made it into the 3s! A year ago our absorption rate was 1.68. That’s an 80% change!
We have a serious housing inventory problem in this country, and Navarre is no different. I don’t think we’re headed to a buyers market just yet. This is a mere window of opportunity for buyers to get back into the market at stable prices and with opportunities to negotiate with sellers.
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