Monthly Indicators – SOUTHEAST FLORIDA – March 2023 –
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.
New Listings decreased 12.6 percent for Single Family homes and 5.9 percent for Townhouse/Condo homes. Pending Sales decreased 9.3 percent for Single Family homes and 11.1 percent for Townhouse/Condo homes. Inventory increased 55.2 percent for Single Family homes and 68.8 percent for Townhouse/Condo homes.
Median Sales Price increased 8.3 percent to $548,600 for Single Family homes and 9.4 percent to $290,000 for Townhouse/Condo homes. Median Time to Contract increased 287.5 percent for Single Family homes and 145.5 percent for Townhouse/Condo homes. Months Supply of Inventory increased 100.0 percent for Single Family homes and 126.7 percent for Townhouse/Condo homes.
Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.
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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
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