South Florida Residential Real Estate Market Statistics - January 2023
Real estate firm Vera Realty presents its clients with a monthly review of the residential real estate market in five South Florida counties (Miami-Dade, Broward, Palm Beach, Martin, St. Lucie), considering of market segments such as single family homes, condominiums and townhomes.
Nick Polyushkin, an expert, licensed broker and head of Vera Realty, provides an overview, analyzing data from the Miami Association of Realtors' January 2022 reports compared to January 2022 , as well as market trends relative to December 2022.
The information is based on an analysis of the Federal Reserve Bank Research Division database (USA).
Housing market in South Florida in January 2023
Nick Polushkin shares his opinion on the state of the South Florida real estate market in January 2023 with Vera Realty clients.
"The situation in the South Florida real estate market in January 2023 is very fluid, volatile, with quite active processes.
The monthly changing metric data, that underpin our analysis of the South Florida real estate market, provide some insight into market dynamics. What can we tell from the quantitative data of highlighted metrics or indicators in January 2023?
All of these data as of January 2023 show, that we have fewer sales, fewer transactions and more inventory, which is up an average of 50-150% (e.g., in Palm Beach).
Working in the South Florida real estate market, the experts at our brokerage firm note the same data as the figures from @miamirealtors.com. Namely, a decrease of about 40% in the volume of transactions compared to last year.
What's the insight? The insight of the situation is an increase in investor activity, that is, the activity of people who think now is a good time to buy real estate. And if you have the cash, you can negotiate a price 5-15% above the asking price and get a good deal.
It's a good time to buy real estate because the Federal Reserve is planning to raise the interest rate a little bit, after which it may come down.
The month of February will be very important to us. In our February review, we will be able to see how interest rate adjustments and news about inflation may affect changes in sales and investment levels”.
The month of February will be very important to us. In our February review, we will be able to see how interest rate adjustments and news about inflation may affect changes in sales and investment levels”.
Statistics indicators of the residential real estate market in South
Florida
1. Closed sales
Compared to January 2022, single-family home sales in Miami-Dade County in January 2023 were down -41.0% year over year (December, 2022: -45.1%). Sales of existing townhomes and condominiums were down -50% year-over-year (December, 2022: -50.0%).
In Broward County, January 2023 single-family home sales were down -39.2% year over-year (December 2022: -43.2%). Townhouse and condominium sales in Broward were down -39.5% year over year (December, 2022: -37.9%).
Palm Beach single-family home sales declined to -33.1% in January 2023 (December, 2022: -37.6%) and Palm Beach townhouse and condominium sales declined by -38.2% (December, 2022: -43.1%).
Sales of single-family homes in Martin fell to -20.4% in January 2023 (December, 2022: -37.6%). Compared to homes, sales of townhomes and condominiums in Martin were down more -43.8% (December, 2022: -38.9%).
Compared to January 2022 in St. Lucie, the rate for single-family homes dropped to -27.0% year-over-year in the first month of 2023 (in December, 2022: -39.1%); and for townhouses and condominiums, it changed to -42.3% (December, 2022: -38.7%).
In January 2023, five South Florida counties saw an overall decline in closed sales of single-family homes to -32.15% and of townhouses and condominiums to -42.76% compared to January 2022. Noticeably, relative to December 2022, closed sales for single-family homes did increase by a few points in all of the counties of interest. The downward trend in townhouse and condominium sales, which economists attribute to a lack of inventory and high mortgage rates, continues.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
-32,15% | -42,76% |
Table1.The average value of the ‘closed sales’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St.Lucie counties in January 2023 in comparison to January 2022
2. Paid in cash
Comparing January 2023 cash sales in Miami-Dade to the corresponding period of the previous year, there is an existing percentage increase of +14.7% for the single-family segment (December, 2022: +8.18%) and an increase of +8.1% for townhouses and condos (December, 2022: +8.0%).
In contrast, cash sales in Broward in January 2023 showed a significant decline for single-family homes to -1.6% (December, 2022: +12.4%) and for townhouses and condominiums an increase to +11.0% (December, 2022: +4.3% ).
Palm Beach County saw an increase in January 2022 single-family home sales of +15.9% (December, 2022: +12.3%) and a slight increase in townhouse and condominium sales of +0.2% (December, 2022: -5.0%).
In Martin County, January 2023 sales of single-family homes for cash dropped significantly to -8.6% (December 2022: +19.7%), as did sales of townhouses and condos to -7.9% (December 2022: +30%).
In St. Lucie, the change in cash payments for single-family homes ranged from -1.5% (December, 2022) to +20.5% (January, 2023), and for townhouses and condominiums from +5.9% (December, 2022) to +29.9% (January, 2023).
Overall, the January 2023 "cash payment" rate for the five counties under consideration compared to January 2022 is as follows: for "single family homes" it changed from +7.46% (December, 2022) to +8.18% (January, 2023), and for "townhouses and condos" it ‘dropped’ from +9.04% (December, 2022) to +8.26% (January, 2023).
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+8,18% | +8,26% |
Table2.The average value of the ‘paid in cash’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in November 2022 in comparison to November 2021
3. Median sale price
In Miami-Dade County, the median sales price of single-family homes increased to +4.8% over the previous January 2022 (December, 2022: +1.1%), and for townhouses and condominiums it also increased to +11.1% (December, 2022: +5.5%).
In Broward County, the median sales price for single-family homes rose to +8.0% (December, 2022:+6.0%), and for townhouses and condominiums it changed to +12.5% (December, 2022:+8.1%).
In Palm Beach County, median single-family home prices were +10.64% (December, 2022: +3.81%) and townhouse and condo prices changed to +12.8% (December, 2022:+14.0%).
In Martin County, single-family home prices increased to +9.7% (December, 2022: - 3.4%) and townhouse and condo prices changed significantly to +26.0% (December, 2022: -1.8%).
In St. Lucie, the rate for single-family homes rose only to +4.9% (December, 2022: +14.0%) and for townhouses and condos changed only to +5.1% (December, 2022: +20.0%).
In January 2023, in five South Florida counties, the average median sales price for single-family homes rose from +4.3% (December, 2022) to +7.6% (January, 2023), and for townhouses and condominiums the figure also changed from +9.16% (December, 2022) to +13.5% (January, 2023).
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+7.6% | +13,5% |
Table3.The average value of the ‘median sale price’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St.Lucie counties in January 2023 in comparison to January 2022
4. Median percent of original list price received
In January 2023, the "median percentage of original price" for single-family homes in all five counties was -4.92% compared to last year, and -3.66% for townhouses and condominiums. As for comparison to December 2022, the figure was virtually unchanged.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
-4,92% | -3,66% |
Table4.The average value of the ‘median percent of original list price received’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in January 2023 in comparison to January 2022
5. Median time to contract
In Miami-Dade County, for the segment 'single-family homes' the indicator ‘median time to contract’ was +62.5% year-over-year, and for ‘townhouses and condominiums’, it was up +10.0%.
In Broward County, the index for single-family homes increased by +122.2% year -over-year, and for townhouses and condominiums it reached +27.0%.
In Palm Beach County, the median time to make a contract for the purchase of single family homes was up to +173.33%, and for townhouses and condominiums +114.3%.
In Martin County, the change in the indicator for single-family homes was +184.6%, and for townhouses and condominiums the indicator also rose significantly to +430,0%.
In St. Lucie, the increase in the median time of the contract for single-family homes was +253.8%, and for townhouses and condominiums, this parameter went up to +86.4%.
In January 2023, there is an increase in the "median contract time" for single-family homes to +159.28% in almost all five counties compared to January 2022. For townhouses and condominiums, the value of the indicator was +133.6%.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+159,28% | +133,6% |
Table5.The average value of the ‘median time to contract’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St.Lucie counties in January 2023 in comparison to January 2022
6. Median time to sale
In January 2023, the "median sales time" for single-family homes changed from +32.36% (December, 2022) to +33.71%, compared to January 2022, and from +5.28% (December, 2022) to +25.8% (January, 2023) for townhouses and condos in the five counties considered.
The shortest time to complete sales was in Browrd County, where it was 70 days for townhouses and condominiums in January 2023. In St. Lucie County, the longest sales completion time for single-family homes was 87 days.
In January 2023, real estate transactions took between 70 and 87 days, depending on property types and the neighborhood itself.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+33,71% | +25,8% |
Table6.The average value of the ‘median time to sale’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in January 2023 in comparison to January 2022
7. Inventory/active lists
In Miami-Dade County, the number of single-family homes increased +67.5% in January 2023, and the number of condos changed +15.2% from the same period in 2022, and also increased from December 2022.
In Broward County, the inventory rate for single-family homes increased from +106.9% (December, 2022) to +110.6% (January, 2023) and for townhouses and condominiums from +39.2% (December, 2022) to +56.3% (January, 2023).
In Palm Beach County, the active inventory index for single-family homes changed from +120.63% (December, 2022) to +143.31% (January, 2023), and the index for townhouses and condos increased from +98.5% (December, 2022) to +142.9% (January, 2023).
In Martin County, the increase for single-family homes was from +185.1% (December, 2022) to +248.7% (January, 2023), and for townhouses and condominiums it remains high from +282.9% (December, 2022) to +222.6% (January, 2023).
In St. Lucie, the increase for single-family homes was from +170.7% (December, 2022) to +188.2% (January, 2023), and the positive trend for townhouses and condominiums was a change from +99.3% (December, 2022) to +167.6% (January, 2023).
The January increase in active listings across the five counties was +151.66% compared to January 2022, and for townhouses and condominiums the change was +120.92%.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+151,66% | +120,92% |
Table7.The average value of the ‘inventory/active lists’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in January 2023 in comparison to January 2022
8. Months supply of inventory
In January 2023, monthly inventory supply continues to increase slowly to 4,5 months.
In Miami-Dade, monthly supply in the single-family market increased to +122.2% (4 months) over last year. The supply of existing condos increased to +51.7% (4.4 months).
In Broward County, monthly inventory for single-family homes increased to +172.7% (3 months) and for townhomes and condominiums the figure was +93.8% (3.1 months).
In Palm Beach County, the monthly inventory supply rate for single-family homes continued to rise from +190.9% (December, 2022) to +209.1% (3.4 months), and for townhouses and condominiums it changed from +158.3% (December 2022) to +250.0% (3.5 months) in January 2023.
In Martin County, the rate for single-family homes was +371.4% (3.3 months) and for townhouses and condominiums continued to rise to +325.0% (3.4 months).
In St. Lucie County, inventory supply for single-family homes changed from +166.7% (December, 2022) to +220.0% (3.2 months) in January 2023; and for townhouses and condominiums, the change was from +172.7% (December, 2022) to +290.0% (3.9 months) in January 2022.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+219,08% | +202,1% |
Table8.The average value of the ‘months supply of inventory’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St.Lucie counties in January 2023 in comparison to January 2022
As of the end of January 2023, the median price of a single-family home in Florida is under $390,000, up 4 percent from last year. The median price of townhomes and condominiums in Florida was $310,000.
The amount of affordable housing is still fairly limited; there continues to be strong job growth, and thanks to migration, home prices in South Florida are gradually rising; rents are also rising. About 40 percent of all condo sales in Florida occurred in South Florida in January 2023. Cash sales of both condominiums and single-family homes are high. The average percentage of the original price received for single-family homes was 94.6 percent in January 2023,which shows the possibility of bargaining.
If you want to calculate the cost of a mortgage, we invite you to use the mortgage calculator on the Vera Realty Website