The Honest Broker: Market Watch for May 2023
BY: DIANE LOTT, BROKER PARADISE FOUND REALTY
Single Family Homes |
MAY 2023 |
MAY 2022 |
% Change |
Closed Sales |
207 |
216 |
-4.2% |
Ave. Sale Price |
$985,822 |
$956,150 |
3.1% |
Median Time to Sale |
75 Days |
51 Days |
47.1% |
New Listings |
221 |
281 |
-21.4% |
Active Inventory (# of homes) |
463 |
341 |
35.8% |
Months’ Supply of Inventory |
2.9 |
1.7 |
70.6% |
SUMMARY: New Listings are down 21%, but there is an increase in the number of properties on the market at 36% and 70% increase in months supply over last year.
This shows that there are more homes lingering on the market than last year and is taking more than 50% longer to receive a contract.
CONDITION: Favors a Buyers’ Market.
Townhomes & Condos |
MAY 2023 |
MAY 2022 |
% Change |
Closed Sales |
95 |
113 |
-15.9% |
Ave. Sale Price |
$421,987 |
$420,352 |
0.4% |
Median Time to Sale |
67 Days |
46 Days |
45.7% |
New Listings |
118 |
129 |
-8.5% |
Active Inventory (# of homes) |
298 |
138 |
115.9% |
Months’ Supply of Inventory |
3.5 |
1.3 |
169.2% |
SUMMARY: This shows that there are more properties lingering on the market than last year and is taking more than 46% longer to receive a contract than last year.
CONDITION: Favors a Buyers’ Market.
Be Well
Diane
Email: Diane@ParadiseFoundRealtyFl.com
Website: www.ParadiseFoundRealtyFl.com
Phone: 954-294-5060
Your Martin County Concierge Real Estate Company!
Office Open by Appointment Only