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 October 2022.
We can see prices continuing to pull back a bit. This is caused by the increases in mortgage interest rates which has taken some buyers out of the market. There is no need for concern though because this price correction is just temporary. Once mortgage rates normalize we should see prices start to stabilize. Overall the amount of inventory is still at record low levels so this shift in the market will not be anything remotely close to what we saw in 2007. The number of closed sales in October was also a bit lower than the previous year, but again, this is due to the sticker shock buyers are experiencing due to the interest rate increases. Most likely this trend will continue as we go into the slow season. However, we should see the market start to come back after the new year.
Median Sale Price
The median sale price for this month was $1,310,000 which was a -6.4% decrease over last year.
Closed Sales
There were a total of 121 closed sales this month. That’s -9.0% compared to last year.
New Listings
New listings were 16.5% higher than last year at 268. However, as we go into the winter months we should see a drop in new listings.
Median Days on Market
The median days on market took a major step up of 62.9% over last year. Showing homes are taking a bit longer to sell probably due to the number of buyers that are no longer in the market. At least for the time being.
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