Even though inventory of homes for sale continue to increase (YOY 48.4% for single family and 45.1% for Townhouse/condos) and months supply of inventory continue to increase (YOY 92.9% for single family and 106.3% for townhouse/condos) overall closed sales continue to decline. With this continue supply shortage, the median sales price still continues to increase here in Broward county. See the charts below for a summary.
If your a seller, this means you can still get top dollar for your home but time to contract has gone up significantly (YOY 230% for single family and 78.6% for Townhouse/condos) because buyers have dropped off the market due to higher interest rates and inflation.
If you’re thinking about pulling the plug and begin looking for a new home, let's setup a call to discuss your goals and set them into motion. We are being successful in negotiating closing cost and other concessions to offset the higher interest rates.
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