Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for January 2023. Read on to learn more about the real estate market in South Palm Beach County:

The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021. New Listings increased 2.1 percent for Single Family homes and 7.5 percent for Townhouse/Condo homes. Pending Sales decreased 19.9 percent for Single Family homes and 26.4 percent for Townhouse/Condo homes. Inventory increased 83.7 percent for Single Family homes and 99.4 percent for Townhouse/Condo homes. Median Sales Price increased 12.5 percent to $610,000 for Single Family homes and 20.0 percent to $300,000 for Townhouse/Condo homes. Median Time to Contract increased 245.5 percent for Single Family homes and 115.4 percent for Townhouse/Condo homes. Months Supply of Inventory increased 153.8 percent for Single Family homes and 183.3 percent for Townhouse/Condo homes. As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.

Want to know more?

I’m always here to help you navigate the local market. I can analyze the specific neighborhood and price range for you, whether you are interested in buying or in selling.  Contact me  today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.



Posted by Gloria Singer on


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