Monthly Indicators – SOUTHEAST FLORIDA – January 2023 –
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.
New Listings increased 5.8 percent for Single Family homes and 6.2 percent for Townhouse/Condo homes. Pending Sales decreased 14.5 percent for Single Family homes and 25.7 percent for Townhouse/Condo homes. Inventory increased 80.9 percent for Single Family homes and 57.0 percent for Townhouse/Condo homes.
Median Sales Price increased 8.7 percent to $520,000 for Single Family homes and 16.0 percent to $290,000 for Townhouse/Condo homes. Median Time to Contract increased 184.6 percent for Single Family homes and 80.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 135.7 percent for Single Family homes and 120.0 percent for Townhouse/Condo homes.
As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season
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Jupiter Dream Life Team | LPT Realty
Team Lead — Heather E Towe, PA
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
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