Mid-Year Data Highlights
- Fort Lauderdale home sales decreased by 29.9% as there were 1,762 sales in the first half of 2023 compared to 2,512 in the first half of 2022. Average price decreased by 12.3% going from $1,096,204 in the first half of 2022 to $961,356 in the first half of 2023. These metrics include single families, and condos/townhomes. The categorical breakdowns are listed in the infographic above.
- The number of homes listed in the first half of 2023 compared to the 1st half of 2022 decreased by 16.3%, moving from 3,134 to 2,624.
- The number of pending sales decreased by 24.3% with 2,034 in the first half of 2023 compared to 2,687 in the first half of 2022.
The Fort Lauderdale real estate market saw a decrease in the number of homes sold and average price, tracking accurately against predictions made earlier this year. Do bear in mind that the difference between 2023 and 2022 will be greater than usual as we continue experiencing a market adjustment, especially in places like Fort Lauderdale which saw huge upticks in activity during the pandemic. With more and more sellers hesitating to list their homes at the risk of losing a low, pandemic era rate, listings are down and have even hit an unprecedented low for the first half of the year. Because of this, current inventory levels are not enough to meet persistent buyer demand which has not dwindled as much as expected given affordability concerns such as rising mortgage rates and inflation. As a result, it’s unlikely we will witness a sharp downturn or crash in prices with inventory this low.
To learn more about South Florida’s performance, click here to read the 2023 South Florida Mid-Year in Review Report.
Data provided by SunStats and compared to the prior year.