Real-estate agents vanish en masse as market slows — even in once red-hot Miami

The number of “active” agents in the Florida city plunged by 36% in the fourth quarter of last year compared to the same span in 2021, according to a new study.the Real Deal reported that there were 4,529 active Miami brokers in the fourth quarter — down 2,580 from the comparable period just one year ago.defines “active” agents as those who are currently listing and/or selling properties.

Unsurprisingly, the number of property sales in Miami dropped by 48% in December, year-over-year, after unprecedented hikes in prior quarters, according to a report from the Miami Realtors Association.While other markets have already seen widespread price-cutting, Miami home prices have largely held the line amid the downturn — at least so far.Sales prices rose by 1 percent in the fourth quarter of 2022 compared to the same period in 2021.

Agent Story found that the number of active agents has cratered in other major markets as well, including in Los Angeles. The firm found that there were 27% percent fewer active brokers in the California city in the fourth quarter of 2022 compared to the same period in 2021. Citing the ongoing decline, brokerage giant Compass announced an unspecified number of layoffs earlier this month, and other major firms have indicated similar plans.

Source: News Formal (newsformal.com)

Parasites.

Because they’re a dime a dozen, and mostly useless.

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