Broward One to Five Million Dollar Real Estate Market Report for November 2022

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 November 2022.

We continue to see the market pulling back as prices remain on their downward trajectory and listings continue to rise. This pull back will not continue long term and we we should see the market start to stabilize as we move into the new selling season after the new year. The increased interest rates continue to push buyers away as reflected in the 25% drop in closed sales. We did see a drop in days on market, however I think that might be short lived. The days of simply throwing a home on the MLS and it selling is a few days are over. As we enter this new market, homes will need Aggressive Marketing Strategies in order to get them sold faster and for higher prices.

Median Sale Price

The median sale price for this month was $1,303,375 which was a -5.7% decrease over last year.

Closed Sales

Closed sales dropped by 25% this month over last year. This is a reflection of less buyers in the market.

New Listings

As expected, we continue to see the number of new listings move up year over year. This month new listings increased by 46.7% over last year. However, as we go into the slow season we should continue to see a drop month over month in new listings.

Median Days on Market

The median days on market pulled back a bit from last month. However, it was still 35.3% higher than last year. Most likely we’ll continue to see the Days on Market increase.