Real estate agents vanish en masse

February 01, 2023

Rise and shine! It's a new day and The Shaker is here to serve you the best mix of residential real estate news. Yummy yummy.

AGENTS

Real estate agents vanish en masse

What you should know:

The number of active real estate agents in Miami declined by 36% in the fourth quarter of 2022 compared to the same period in 2021, according to a study by Agent Story.

  • Only 20% of all 22,286 Miami brokers were active in the fourth quarter of 2022.

  • The number of property sales in Miami decreased by 48% in December 2022, YoY.

  • Despite the downturn in the real estate market, Miami home prices have largely held steady and rose by 1% in the fourth quarter of 2022 compared to the same period in 2021.

  • The number of active agents has also declined in other major markets, including Los Angeles, where there were 27% fewer active brokers in the fourth quarter of 2022 compared to the same period in 2021. Major brokerage firms have announced layoffs due to the ongoing decline.

TECH

Zillow Makes Apt Touring a Breeze!

Zillow has introduced a new feature that allows renters to book an apartment tour online.

  • According to a Zillow report, 71% of recent renters took up to 4 in-person tours and 58% preferred to schedule in-person tours online.

  • The feature allows renters to instantly book tours, receive email and text reminders, and specify the type of tour they want to take.

  • Zillow has integrated with leasing and customer relationship management platforms, Knock® CRM and Funnel Leasing®.

  • Renters can also create a Zillow Renter Profile and take a virtual tour of the property using Zillow 3D Home Tours.

MARKET

Falling Home Prices: The US Housing Market Cooling Down

US home prices dropped for the fifth consecutive month in November 2022, according to the S&P CoreLogic Case-Shiller US National Home Price Index.

  • All 20 cities in the index reported declines before seasonal adjustments and 19 cities still reported declines after seasonal adjustments. Detroit was the only city to see an increase of 0.1%.

  • Compared to the previous year, US home prices rose 7.7% in November 2022, a slower growth compared to the 9.2% seen in October 2022. Cities in the South led price appreciation with Miami, Atlanta, and Tampa, Florida reporting the highest year-over-year gains.

  • The declining home prices and rising mortgage rates continue to be a challenge for the housing market and could potentially continue to hold back potential buyers, according to Craig J. Lazzara, managing director at S&P DJI.

  • Despite the declining home prices in the fall, there is a possibility that the worst of the housing market has passed and a more optimistic outlook for the spring housing market is expected, according to Lisa Sturtevant, Bright MLS chief economist. However, the lack of available homes to buy remains a challenge for many buyers, particularly for first-time homebuyers.

DEVELOPMENT

Costco and Apartments: A Match Made in South LA

  • A real estate company, Thrive Living, is proposing to build the first Costco in South Los Angeles along with 800 apartment units.

  • About 184 of the 800 apartments will be set aside for low-income households and will be eligible for residents with Section 8 vouchers.

  • The new Costco will have optical and delivery services, a pharmacy, and will offer fresh produce and healthy food options.

  • The layout of the store will be different from typical Costco warehouses and will anchor the 800 apartments.

  • Costco estimates that the project will create 400 new jobs and Thrive and Costco plan to hire local residents and offer a job training program for the open positions.

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