Market Report: Southeast Florida, February 2022

Monthly Indicators – SOUTHEAST FLORIDA – February 2022 –

Data courtesy of floridarealtors.org

Beaches MLS Service Area: Broward | Palm Beaches | St Lucie

The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS®. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.

New Listings decreased 6.3 percent for Single Family homes and 8.8 percent for Townhouse/Condo homes. Pending Sales decreased 20.0 percent for Single Family homes and 10.9 percent for Townhouse/Condo homes. Inventory decreased 40.7 percent for Single Family homes and 62.4 percent for Townhouse/Condo homes.

Median Sales Price increased 20.7 percent to $495,000 for Single Family homes and 20.9 percent to $259,900 for Townhouse/Condo homes. Median Time to Contract decreased 45.0 percent for Single Family homes and 63.2 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 42.1 percent for Single Family homes and 70.0 percent for Townhouse/Condo homes.

Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply. According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first- time buyers behind. The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.

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Heather E. Towe, P.A.
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
561-806-8550 | heather.towe.gmail.com
Licensed to Sell Real Estate in Florida

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