Real estate brokers are hitting the door en masse as the domestic housing market cools. The usually hot market in Miami.
The number of “active” agents in the City of Florida plunged 36% in the fourth quarter of last year compared to the same span in 2021, according to new research.
Quote Stats from Agent Stories, The Real Deal reported that there were 4,529 active Miami brokers in the fourth quarter. This is down 2,580 from the same period just over a year ago.
agent story, track broker activity, We define an “active” agent as one that is currently listing and/or selling properties.
According to the survey, only 20% of Miami’s 22,286 brokers were active in the fourth quarter of 2022.
As Miami prices took off amid a pandemic-fueled real estate boom, brokers flooded the market to take advantage of the favorable conditions.
But brokers seem to be turning around en masse as activity picks up after a sharp rate hike and a volatile economy.
Not surprisingly, according to a report by the Miami Real Estate Association, Miami real estate sales fell 48% year-over-year in December after an unprecedented increase in the past few quarters.
But don’t expect big bargains in Biscayne Bay just yet.
While other markets have already seen widespread price cuts, Miami home prices have largely held up amid the recession, at least so far.
Selling prices in the fourth quarter of 2022 were up 1% compared to the same period in 2021.
Agent Story found that the number of active agents is also declining in other major markets, including Los Angeles.
The company found 27% fewer brokers were active in California City in the fourth quarter of 2022 compared to the same period in 2021.
Citing continued declines, brokerage giant Compass announced an unspecified number of layoffs earlier this month, with other big companies showing similar plans.