The housing market in South Florida is going through a noticeable shift, and realtors say one of the clearest signs is falling inventory. With housing costs such a pressing issue, the changing balance between buyers and sellers is reshaping what it takes to buy or sell a home in the region.
For Matthew Heindereck, the timing worked out. The 26-year-old bought his first home about two months ago in Fort Lauderdale's South Middle River neighborhood, drawn by a backyard oasis and the proximity to downtown, which ticked the boxes on his list in a city he says is growing quickly.
Getting there was not effortless. Heindereck said there was some back and forth, but the overall process was smooth, even as he put in many offers on the MLS and found sellers holding firm on prices he felt were higher than they should be.
By the numbers, he is ahead of the curve. According to the National Association of Realtors, the typical age of a first time home buyer is now 40, an all time high. As Heindereck put it, the American dream is not dead, it is just much harder to achieve for first time buyers, particularly in South Florida.
Realtor Larry Mastropieri offered a read on where the market sits. He said most single family homes are still in a buyer's market, while the condo market has cooled off, though a house that checks all the boxes can still spark bidding wars among sellers.
The standout change this year, he said, is inventory. More buyers showed up and purchased property while fewer sellers came to market to add to the supply, creating an overall drop in inventory that he called a profound change from the past three years.
Looking ahead, Mastropieri said he does not expect prices to jump significantly. Heindereck, for his part, said this is not his forever home, but he is not planning to leave South Florida any time soon, pointing to the quality of life and his belief that Fort Lauderdale is never going to go out of style.