Residential News » Fort Lauderdale Edition | By Michael Gerrity | February 28, 2023 8:01 AM ET
According to the Miami Association of Realtors, Broward County Florida's January 2023 total residential sales decreased 39.4% year-over-year, from 2,559 to 1,552.
Single-family home sales decreased 39.2% year-over-year, from 1,113 in January 2022 to 677 in January 2023 because of its comparison to a historic January 2022. Broward existing condo sales decreased 39.5% year-over-year, from 1,446 in January 2022 to 875 in January 2023, due to lack of inventory and rising mortgage rates.
Broward's percentage of cash buyers (44.1%) is significantly higher than the national average (28%). Short sales and REOs accounted for 0.3% and 1% year-over-year, respectively, of total Broward sales in January 2023.
There were 3,257 new listings in January 2023, the most in Broward County since August 2022. Overall, Broward total new listings decreased 6.6% year-over-year in January 2023, from 3,486 to 3,257.
Broward County single-family home median prices increased 8% year-over-year in January 2023, increasing from $500,000 to $540,000. Existing condo median prices increased 12.5% year-over-year, from $240,000 to $269,900.
Inventory for Broward single-family homes (3 months) and condos (3.1 months) are low. Also, one of the supports for home prices is rents and rents are up.