Residential Real Estate News
Great Fort Lauderdale Area Home Sales Slide 39 Percent Annually in January
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.
