We hope you're enjoying the beautiful South Florida summer. We're here with your June 2023 Broward County real estate market update, to guide you through the latest trends and numbers, helping you make informed decisions in your real estate journey.
The Broward County housing market continues to heat up. Last month, according to the latest report from Beaches MLS, the median sale price hit an even higher mark in May - $585,000! This price surge is testament to the appeal of our sunny paradise, drawing in a steady influx of new residents and low level of inventory.
Now, let's talk inventory. The number of active listings in Broward County is on the rise with 7,569 active listings, marking a 21.4%increase from 2022. Even with the rising inventory, the supply remains relatively low at 2.6 months for single family and 3.4 months for townhouse/condos. Although this is a 40% increase overall from 2022, we are still significantly down from pre-pandemic levels.
In terms of sales, homes in Broward County are staying on the market longer compared to last year, with an average of 23.5 days before being sold, up from 11.5 days last year. Even though it’s still not long, it’s a significant increase of 104.3% since 2022.
Lastly, let's look at the sale-to-list price ratio, which is down 5.1% from last year for single family and down 4.6% for Townhomes/Condos. Meanwhile, According to Redfin, 19.1% of homes sold above the list price this year, which is a decrease of 25.9 percentage points compared to last year. The percentage of homes with price drops is at 20.7%, a 6.8 point increase year-over-year1.
This data suggests that while the market remains competitive, buyers may have slightly more room for negotiation than in the past year. For sellers, prices are still going up but expect to take longer to sell and be ready to negotiate on the price. As always, we are here to help you navigate these trends and ensure a predictable, smooth, and quick transaction.
Call us now and let's discuss your real estate goals!
Broward Natives Team - 954-990-0965
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