The MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system have released the February 2023 statistics indicating that Broward County total pending sales rose for the second consecutive month.
According to BROWARD-MIAMI President Alfredo Pujol, the rising pending sales and showing appointments signify future buyer activity and strong signs for the high-demand, low inventory Broward market. Total pending sales increased by 12.2% from 2,541 in January 2023 to 2,850 in February 2023. In addition, showing appointments in the Southeast Florida MLS increased 1.6% month over month to 237,395 showings in February.
However, the Broward February 2023 total sales decreased 31.6% year-over-year from 2,687 to 1,839, attributed to a historic February 2022 and the current market’s lower inventory in specific price points and higher rates. Single-family home sales also decreased by 30.5% year-over-year from 1,198 in February 2022 to 833 in February 2023, while Broward existing condo sales decreased by 32.4% year-over-year from 1,489 in February 2022 to 1,006 in February 2023.
Nonetheless, South Florida’s out-of-state homebuyers with a mortgage earn nearly $100,000 in median household income, and home prices in South Florida continue to rise. According to MIAMI REALTORS® Chief Economist Gay Cororaton, current economic and lending conditions favor regions with strong real estate market fundamentals like South Florida.
Broward Real Estate Attracting Near List Price The median percent of original list price received for single-family homes was 94.8% in February 2023, down from 100% last year. The median percent of original list price received for existing condominiums was 96.5%, down from 98.5% last year. The median number of days between listing and contract dates for Broward single-family home sales was 42 days, up from 15 days last year. The median time to sale for single-family homes was 78 days, up from 57 days last year. The median number of days between the listing date and contract date for condos was 29 days, up from 23 days. The median number of days to sale for condos was 69 days, even with last year. Broward Cash Sales 55% More than National Figure Cash sales represented 43.4% of Broward closed sales in February 2023, compared to 44.9% in February 2022. About 28% 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 55.8% of all Broward existing condo sales and 28.5% of single-family transactions. To access February 2023 Broward Statistical Reports, visit http://www.SFMarketIntel.com Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
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