south florida housing report
- Listings continue their trend down in South Florida in June 2023. In fact, the number of homes listed in the first half of the year is the lowest in recorded history.
- Many potential sellers are hesitating to list their homes to avoid losing their 2-3% pandemic-era mortgage rate. This, in turn, is putting quite a strain on inventory when compared to the buyer demand in the market.
- However, this may change as more and more sellers are faced with different lifestyle changes/challenges which will make listing their home a necessity (e.g., downsizing, growing families, career changes, divorce, etc.). Sellers, when it comes time to list, make sure you are pricing your home competitively so you can attract the most buyers!
- The number of homes sold decreased in Broward, Palm Beach, and Miami-Dade counties for single-family homes and condos/townhomes when compared to June 2022. We also saw a decrease in average sales price in Broward and Miami-Dade counties for single-family homes and condos/townhomes. Differing slightly was Palm Beach County where average sales price for single-family homes still decreased but increased for condos/townhomes.
- Buyer affordability remains a pressing issue amongst potential buyers as mortgage rates stayed in the high 6%s throughout the month of June. Despite this, there is still a sufficient number of serious buyers in the market and these buyers are keeping the market competitive.
- Specifically in South Florida, there is an increased demand for homes in the area with the prevalence of cash buyers, overseas buyers/investors, snowbirds, those looking for more favorable taxes, etc. All these factors contribute to the heightened demand in the South Florida market and add to the strain on inventory.
- Buyers, there is a cost to waiting. If you are looking to buy a home in South Florida, make sure you are prepared and informed, so you are ready to strike and win in this ever-evolving housing market.
In June of 2023, Broward County single-family and condo/townhome saw decreases in all categories.
In June of 2023, Miami-Dade single-family and condo/townhome saw decreases in all categories except for single family pending sales which was up slightly.
Palm Beach County
In June of 2023, Palm Beach single-family and condo/townhome closed sales and new listings decreased. However, the average price was down for single family homes but up for condos/townhomes. Also, pending sales were up for single family homes but down for condos/townhomes.
Data provided by SunStats then compared to the prior year.