Residential News » Fort Lauderdale Edition | By WPJ Staff | December 6, 2022 8:21 AM ET
The Miami Association of Realtors is reporting that total residential transactions for Broward County Florida in October 2022 was down 25.1% year-over-year, from 2,967 to 2,222, because of rising mortgage rates and low inventory. Broward single-family home sales decreased 27.1%, from 1,386 to 1,011. Broward condo transactions declined 23.4%, from 1,581 to 1,211.
Total active listings at the end of October 2022 increased 34.3% year-over-year, from 5,701 to 7,657.
Inventory of single-family homes increased 73% year-over-year in October 2022 from 2,198 active listings last year to 3,802 last month. Condominium inventory increased 10% year-over-year to 3,855 from 3,503 listings during the same period in 2021.
New listings of Broward single-family homes decreased 7.5% to 1,498 from 1,619. New listings of condominiums decreased 19.9%, from 2,003 to 1,605.
Months' supply of inventory for single-family homes increased 107.1% to 2.9 months year-over-year, which indicates a seller's market. Inventory for existing condominiums increased 26.3% to 2.4 months, which also indicates a seller's market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory at the end of October was 1.22 million units, which was down 0.8% from both September and one year ago (1.23 million). Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 3.1 months in September and 2.4 months in October 2021.
Total Broward distressed sales decreased 7.4% in October 2022, from 27 to 25. Short sales and REOs accounted for 0.1% and 1% year-over-year, respectively, of total Broward sales in October 2022. Short sale transactions decreased 83.3% year-over-year while REOs increased 53.3%.
Only 1.1% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, compared to 0.9% in October 2021.
Broward's percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented approximately 1% of sales in October, identical to October 2021.
The median percent of original list price received for single-family homes was 96.1% in October 2022, down 3.1% from 99.2% last year. The median percent of original list price received for existing condominiums was 97.6%, up 0.1% from 97.5% last year.
The median number of days between listing and contract dates for Broward single-family home sales was 27 days, up from 17 days last year. The median time to sale for single-family homes was 67 days, a 13.6% increase from 59 days last year.
The median number of days between the listing date and contract date for condos was 21 days, even from last year. The median number of days to sell for condos was 62 days, a 1.6% decrease from 63 days.
Cash sales represented 39.2% of Broward closed sales in October 2022, compared to 39.1% in October 2021. About 26% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 53.4% of all Broward existing condo sales and 22.3% of single-family transactions.