Market Report: Southeast Florida, May 2023

Monthly Indicators – SOUTHEAST FLORIDA – May 2023

Data courtesy of floridarealtors.org

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

Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.

New Listings decreased 22.4 percent for Single Family homes and 11.1 percent for Townhouse/Condo homes. Pending Sales decreased 0.4 percent for Single Family homes and 1.4 percent for Townhouse/Condo homes. Inventory increased 10.4 percent for Single Family homes and 48.2 percent for Townhouse/Condo homes.

Median Sales Price increased 1.8 percent to $565,000 for Single Family homes and 5.5 percent to $295,000 for Townhouse/Condo homes. Median Time to Contract increased 177.8 percent for Single Family homes and 150.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 40.0 percent for Single Family homes and 100.0 percent for Townhouse/Condo homes.

While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.

For a detailed PDF with full market stats, please request one by filling out this form: