January 2024 Real Estate Market

January 2024 Real Estate Market Snapshot

The real estate landscape is showing signs of dynamic shifts as we navigated through January 2024. Here's a concise overview of the current market trends here in Broward County based on the latest data from the Beaches MLS.

Existing-Home Sales: There's been a slight decrease of 1.0% month-over-month and a more noticeable year-over-year drop of 6.2%.Despite this, there's a silver lining as pending sales have surged by 8.3% from the previous month, marking the most significant gain since June 2020.

Mortgage Rates: The significant drop from last fall'speak has reignited interest among homebuyers. NAR is optimistic, forecasting a13% increase in existing-home sales for the year compared to 2023.

Market Activity:

New Listings: Saw a substantial increase, with Single Family homes up by 26.5% and Townhouse/Condo homes by 41.9%.

Pending Sales: Experienced a slight decrease, with Single Family homes down by 4.4% and Townhouse/Condo homes by 3.3%.

Inventory Levels: Increased across the board, with Single Family homes up by 5.3% and a significant 52.2% increase for Townhouse/Condo homes.

Pricing Trends:

Median Sales Price: Increased to $570,000 for Single Family homes (up 6.0%) and to $275,000 for Townhouse/Condo homes (up 1.9%).

Time to Contract: Saw a decrease of 2.7% for Single family homes, while Townhouse/Condo homes experienced a notable increase of40.7%.

Months Supply of Inventory: Grew by 15.2% for Single Family homes and a substantial 74.3% for Townhouse/Condo homes.

Overall Insights: Despite a slight cooling in sales activity, the ongoing housing supply shortage has continued to support home values, with the median existing-home price climbing 4.4% year-over-year to$382,600. Inventory levels are beginning to show improvement, thanks to stabilizing mortgage rates and an increase in housing completions, setting a positive outlook for the months ahead.

This snapshot provides a glimpse into the evolving real estate market, highlighting the opportunities and challenges facing buyers and sellers in South Florida. For detailed data as it relates to Broward County, be sure to review the report published by the Beaches MLS.  For personalized advice and insights tailored to your specific needs, Broward Natives is here to guide you through every step of your real estate journey.

‍