(Mar 27, 2023)
I was able to connect with our lead processor and a great friend, Shawna, who was the only other guest at our first ever Christmas Party in Florida! We celebrated a fantastic year by eating a ton of food from Monty’s Raw Bar in Miami.
We started off with oysters, which were fantastically fresh and there was plenty of horseradish, in fact, they gave so much that I thought I was celebrating Passover! This was a fantastic way to start the meal. Next up were the Stone Crabs, which were delicious, fresh, and they cracked perfectly. I always feel bad when they don’t give you the tools and then you lose the meat. You don’t eat anything when that happens! The tangy mustard sauce was an awesome surprise. We tried out the Dijon herb panko crusted Salmon which I would recommend for an entrée. The Seafood Roll was also really good and something that I would totally order again. To top everything off, I had to get the Key Lime Pie for dessert. The Key Lime was made in house, but let’s be real, this is a seafood restaurant Key Lime Pie. I would say it was average compared to what I’ve had in the Keys. The best people who make Key Lime Pie only make Key Lime Pie and if you make more than Key Lime Pie, it’s usually just your standard Key Lime Pie. The difference between a standard and excellent Key Lime Pie is really the way that it’s made. This one was good, don’t get me wrong, but it didn’t pop. If this were in Boston, it would easily be one of the best. You go to Monty’s for the seafood and the views, not the Key Lime Pie. The vibe at Monty’s is fantastic and the views are great. Overall, I would give Monty’s a 7.25 on the FoodiePhil scale. When in Miami and craving seafood, Monty’s is the place to be!
Where should I go next?! Send me your recommendations!
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In this week’s newsletter, we want to reflect on 2021 and talk about some records that were broken in the real estate market this year and why it was such a remarkable year in real estate. We would like to highlight three key records broken, according to a recent article by World Property Journal.
1. Average Home Sales Price
2. Lowest Home Supply in U.S. History
3. Days on the Market
1. Average Home Sales Price
In 2021, the median home sale price was at $386,000 in June, which is an all-time high and up 24.4% since last year. If that isn’t impressive enough, we may hit another career-high before the end of the year, as U.S. home prices have been gaining steam and even growing by double digits. This is really thanks to a low inventory and extremely high demand. Compared to the pre-pandemic, prices are much higher than they were in almost every part of the country. It’s safe to say that things will not be slowing down before the end of year!
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2. Lowest Home Supply in U.S. History
Another record that was broken this year, although not the most glamorous, is the home supply in the U.S., or lack thereof. In June of this year, there were 1.38 million homes for sale, which is an all-time low and down 23% compared to the previous year. There are several reasons contributing to the low home supply, including not as much new construction taking place, excessive demand on the buying side, and of course, the low mortgage rates, which many homeowners across the country are taking advantage of. Many current homeowners would rather refinance to save thousands of dollars than go through the stress of selling their home. When it comes to new construction sliding in the wrong direction, there are many contributing factors, but none greater than the increase in supply cost which has skyrocketed. Lumber, for instance, has a 300% increase in cost in 2021 alone! On top of that, labor sure isn’t cheap these days.
3. Days on the Market
One of the most impressive stats in 2021 is how long it took for a home to sell on the market. The typical home that was on the market in the months of June and July were on there for just 15 days. That’s not a type, 15 days! This is the lowest median days on the market in the history of home selling. As a comparison, in June 2020, just a year before, the average home was on the market for 39 days – that is quite the difference! A lot of this has to do with the fact that the inventory supply is at an all-time low, and with interest rates also being low, many homebuyers are really jumping on homes much quicker than anyone has ever anticipated.
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As you can see, 2021 was a year of records being broken. We don’t anticipate the average home sales price increasing as quickly as it did in 2021 for 2022. We have hope that the low home inventory will also increase in 2022, and with interest rates set to go up a bit, we can see that influencing more home sales. The days a home is on the market will be sure to slow down once the inventory picks up. If you’re thinking of buying or refinancing, now is the time to do it! If you would like to take part in a short interview for our next newsletter/blog please click here.
Got a question? Contact me today to chat with a financial advisor or discuss your next steps.
(Mar 27, 2023)
