Real estate inventory in parts of Florida is surging to uncomfortable levels — and sellers are beginning to slash prices, according to a report.
On the west coast of Florida, the number of houses up for sale and the rate at which their current owners are cutting asking prices is soaring, according to a report from real estate company Redfin released Thursday.
Redfin found that in the western parts of the state, whose coastline is on the Gulf of Mexico, inventory in Cape Coral and North Port has jumped the most, about 50% year-over-year as of March — more than any other US metro.
Trendy North Port-Sarasota saw homes for sale rise 48%, while the figure in upscale West Palm Beach, known to be home to wealthy snowbirds during the Northeast’s cold winters, rose a more modest 20%.