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
For a detailed PDF with full market stats, please request one by filling out this form:
To get news and market updates delivered to your inbox, click here.
Jupiter Dream Life Team | The Corcoran Group
Team Lead — Heather E Towe, PA
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
(561) 778-1642 | hello@jupiterdreamlife.com
Licensed to Sell Real Estate in Florida
How can we help you?
Luxury Real Estate Specialists in and around Palm Beach County
Offering expert real estate advice to everyone, and referrals to local real estate experts all over the world.
Find the Value of Your Home: Click here.
Find Your Next Home: Click here.
Search for New Construction: Click here.
Sign Up for Newsletter: Click here.
Book An Appointment: Click here.
