South Florida Housing Market Shows Signs of Strengthening in January 2023

Published Date: February 13, 2023

Preliminary data from January 2023 indicates positive trends in the South Florida housing market, marked by increased listings of single-family homes and accelerated price appreciation. While these statistics are not yet official, they provide early insights into the region’s real estate dynamics. Official January 2023 statistics will be released on February 21, concurrent with data from Florida Realtors and the National Association of Realtors (NAR).

 

Key Findings

New Listings Surge: Preliminary data reveals a robust increase in new listings for single-family homes in January 2023. There were 4,787 new listings, marking a 1.5% rise compared to the previous year and a remarkable 45% surge from the prior month. Condos and townhomes also saw a surge, with new listings totaling 6,480, although still down 4% year-over-year. However, this level represents a substantial 42% increase from the prior month. New listings for both property types reached 11,267, showing a 2% year-over-year decline but a significant 43% monthly increase. This uptick in January new listings is notably higher than the increases seen in January 2021 and 2022, indicating more than just seasonal effects.

Median Home Prices Soar: Preliminary data reveals a strong rise in median sales prices for both single-family homes and condos/townhomes. The median sales price for single-family homes in South Florida surged to $566,000 in January 2023, reflecting an 8.8% increase compared to the previous year. In December, the annual price appreciation was a more moderate 5%. By county, Miami-Dade prices increased by 4% year-over-year in January, Broward County recorded an 8% increase, and Palm Beach County saw a remarkable 13% rise.

In the condo/townhome segment, the median sales price reached $319,850 in January 2023, marking a substantial 22% increase from the previous year. In December, the annual appreciation stood at 8%. By county, Miami-Dade reported an 11% increase in median condo/townhome prices, Broward County saw a 13% rise, and Palm Beach experienced a 17% increase.

Strong Economic Fundamentals: The robust price appreciation can be attributed to South Florida’s strong economic fundamentals. In the Miami-Dade Ft. Lauderdale-West Palm Beach metro area, non-farm payroll jobs increased by an annual rate of 4.3% in December, surpassing the national rate of 3.3%. Despite increasing supply, housing remains relatively tight. As of January 2023, active listings for single-family homes and condos/townhomes totaled 30,940 units, reflecting a 29% year-over-year increase but still 49% below the levels observed in 2019.

 

The preliminary data suggests continued resilience and growth in South Florida’s housing market, driven by favorable economic conditions and robust demand.

Please note that these statistics are preliminary and subject to change upon official release.

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Original Article By Chris Umpierre- Miami Realtors

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