Below you will find the statistics showing real estate market conditions for Single Family Homes sold for $1 million to $5 million in Broward County, Florida during the month of February 2023.
The median price is still holding at around the $1,400,000 level. We’ll see if the Fed decides to increase rates again this month. However, even if they decide to do so, it should not affect the mortgage rates because the mortgage industry already took that into account. Closed sales were up in February which is a good sign, but the median days on market continues to move higher. The amount of days it takes a home to sell is dependent on an individual basis. Homes that are prepared, aggressively marketed, and priced correctly will sell faster than those that are not.
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The agent you hire may have no marketing plan and simply place your home on the MLS and pray that it sells. Or you can hire iMarket Realty with our unmatched Aggressive Marketing Strategies that get homes sold faster and for higher prices. The choice is yours. Give us 20 minutes and we’ll show you how we do it.
Median Sale Price
The median sale price for this month was $1,450,000 which was a 1% increase over last year.
Closed Sales
There were a total of 117 closed sales this month. That’s -29.1% compared to last year. However, that’s almost 40% increase over last month.
New Listings
New listings look like they are on their way back up, however this month’s 268 new listings are down 6.0% over the number of new listings last year.
Median Days on Market
The median days on market are still increasing. This month’s median DOM of 64 days is 120.7% higher than last year.
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What You Need to Know
Before Listing Your Home for Sale