Residential Real Estate News
Greater Fort Lauderdale Area Home Sales Dip 12 Percent Annually in May
According to the Miami Association of Realtors, Broward County Florida single-family home sales decreased 12.5% year-over-year, from 1,431 in May 2022 to 1,252 in May 2023.
Broward existing condo sales decreased 15.1% year-over-year, from a historic 1,791 in May 2022 to 1,520 in May 2023, due to lack of inventory and rising mortgage rates.
Broward County single-family home median prices declined negligibly 0.2% year-over-year in May 2023, increasing from $586,000 to $585,000. Existing condo median prices increased 6.5%, from $253,500 to $270,000.
While inventory is rising, Broward inventory is still near all-time lows. The monthly historical average for Broward inventory is 15,411 and current inventory is at 7,126. Total inventory is down 49.9% from pre-pandemic (May 2019), from 14,223 to 7,126. Total active listings at the end of May increased 48.1% year-over-year, from 4,810 to 7,126.
Inventory of single-family homes increased 23.1% year-over-year in May 2023 from 2,215 active listings last year to 2,727 last month. Condominium inventory increased 69.5% year-over-year to 4,399 from 2,595 listings during the same period in 2022.
New listings of Broward single-family homes decreased 23.6% to 1,545 from 2,023 year-over-year. New listings of condominiums decreased 12%, from 2,105 to 1,853 year-over-year.
Months' supply of inventory for single-family homes increased 73.3% to 2.6 months year-over-year, which indicates a seller's market. Inventory for existing condominiums increased 142.9% to 3.4 months, which also indicates a seller's market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Only 1% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.9% in May 2022. Short sales and REOs accounted for 0.3% and 0.8% year-over-year, respectively, of total Broward sales in May 2023.
Cash sales represented 40.6% of Broward closed sales in May 2023, compared to 45.9% in May 2022. About 25% of U.S. home sales are made in cash, according to the latest NAR statistics.
In May 2023, cash sales accounted for 54.9% of all Broward existing condo sales and 23.2% of single-family transactions.
