The past two years have been a seller’s market for real estate, meaning that home prices had increased and inventory had been low so homes were selling very quickly. In 2023, the market has turned and inventory has risen and home prices are steady but not increasing.
For the over age 55 market, home pricing is flat or fallen a little since homes are not sold to the general population. At Americana Cove, buyers have to meet the age requirement and a credit score requirement of 675 or above. In addition, there have been a number of residents who have passed or who are moving into assisted living, so more homes are for sale than has been in the past two years when inventory was very low.
The 55+ market is different from the general population in that we generally see the trends first in a 55+ community as seniors react to the market more quickly than the general population, explains Broker Marty Pozgay. “Retirees are on a fixed income so they watch more closely what is happening with the stock market and economy, whereas the general population may overcome economic issues by working more hours or obtaining a new job with a higher salary.”
According to the Florida Realtors Association, an average of 800 people net per day move to Florida and for the first time in 2023, Florida has the fastest growing population in the U.S. Within Florida, four in 10 residents are 50 years of age or older. The state has the second largest senior population in the U.S. behind California, according to SeniorLiving.org.
So retirement communities such as Americana Cove still have a lot of people looking for homes and is why home pricing is not falling rapidly. “The only time a listing may see a rapidly reducing price is because the home needs to be sold quickly due to the situation of the owner,” said Pozgay.
