Home Sales Down 28.5% & Prices Up 22.2%
As of December 31, 2022, Fort Lauderdale home sales decreased by 28.5% as there were 4105 sales in 2022 compared to 5742 in 2021.
Average prices increased by 22.2% going from $890,302 in 2021 to $1,087,670 in 2022.
These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
The number of listed homes decreased by 5.8%, moving from 5,854 2021 to 5,513 in 2022.
The number of pending sales decreased by 32.2% in Fort Lauderdale in 2022 compared to 2021 from 6,335 to 4,298.
South Florida, even more so than the rest of the nation, experienced a frenzied market in 2021 and the beginning of 2022. Fort Lauderdale was no exception to this trend. However, as we head into 2023, the frenzied demand in the market has began to cool and will continue to do so in 2023. Increased mortgage rates continue to impact buyer affordability, and buyer demand is down as a result. The Fort Lauderdale market in particular will feel the effects of this rate hike as it is a large market for 2nd homeowners. Other factors impacting sales in the region include recent insurance changes and new condo requirements as a result of the Surfside collapse. Prices skyrocketed in Fort Lauderdale during 2021 and into 2022, but we have started to see the rate of increase slow. Regardless, prices are still expected to rise in 2023, just not as quickly as they have been previously. Anthony explains the market trajectory in depth in his 2023 predictions here.
To learn more about South Florida performance, click here to read the 2022 South Florida Year in Review Report.
Data provided by SunStats and compared to the prior year.