Broward County
In December of 2023, Broward County single-family homes saw no changes in the number of homes sold, increases in average price, and new listings, but a decrease in pending sales. Condos/townhomes saw decreases in closed sales and pending sales but increases in average price and new listings.
Miami-Dade County
In December of 2023, Miami-Dade County single-family homes as well as condos/townhomes saw increases in average price and new listings. Single families saw an increase in closed sales, but a decrease in pending sales. Condos/townhomes saw decreases in pending sales and closed sales.
Palm Beach County
In December of 2023, Palm Beach County single-family homes and condos/townhomes saw increases in average price and new listings but decreases in pending sales and closed sales.
Data provided by SunStats then compared to the prior year.
What’s happening in the market?
In December 2023, home sales in Broward County remained the same year over year for single family homes and decreased for condos/townhomes. Miami-Dade County single family sales increased but decreased for condos/townhomes. Lastly, closed sales for Palm Bech County single families and condos/townhomes were both down. Average sale price in all three counties for both single families and condos/townhomes increased. New listings in all three counties for both single families and condos/townhomes increased as well. Per Mortgage News Daily, mortgage rates dropped into the mid-6s by the end of the month.
What does this mean for Buyers?
- South Florida has faced relentless buyer demand throughout 2023, but an increase in active inventory is great news for buyers as more options could lead to less competition and a stabilization or even reduction of prices.
- If you are a serious buyer who is ready to buy in South Florida, make sure you take the necessary steps to prepare before starting the search to make sure you are set up for success!
What does this mean for Sellers?
- Many sellers think they need to wait until spring or summer to list their home, but listing in the winter has many benefits and ultimately could get you more for your home! There are serious buyers in the market NOW, so make sure you are pricing your home competitively to generate the most demand for your home if you plan on listing this winter.
- We are also still seeing sellers hesitate to list their homes because they do not want to give up their low pandemic-era mortgage rate. Additionally, many sellers are also buyers, so given current inventory levels, many are concerned that they will not be able to find a home to move into after their home sells. However, new listings are increasing which could indicate that those who have been delaying listing their homes are getting off the sidelines.
- For condos/townhomes in South Florida specifically, stricter regulations and increased insurance premiums are creating challenges for current owners, so they are being listed faster than they are going under agreement which is one of the reasons for increased inventory levels.
What’s next?
2023 proved to be another notable year in real estate history – read a complete recap of the year in our South Florida 2023 Year in Review Housing Report. For South Florida, the market is heading more and more toward a buyer’s market, and we expect this market adjustment to continue in 2024. As Anthony states in his predictions, “The worst is behind us, but we are not out of the woods.”