The Honest Broker: Market Watch for May 2023

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

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