South Florida Housing – Market Update (March 2023)


Since the first quarter 2022, the residential housing market within the South Florida area (Miami-Dade, Broward and Palm Beach counties) continues to slow.  As of the end of March 2023, the market has experienced 13 consecutive months of declining year-over-year salesHowever, sales have improved considerable since the beginning of the year and reached their highest point since June 2022.

According to FloridaRealtors, there were a total of 8,173 existing home sales throughout the tri-county area during the month of March. This represents a 25.6% decline from the number of existing home sale transactions completed during the March 2022 and considerably lower than the recent peak of 12,258 sale transactions during June 2021.

The number of closed sales have declined for the past 12 months.

  • March 2023 – 8,173 (down 25.6% year-over-year)
  • February 2023 – 5,356 (down 33.9% year-over-year)
  • January 2023 – 4,463 (down 40.9% year-over-year)
  • December 2022 – 5,612 (down 42.9% year-over-year)
  • November 2022 – 5,388 (down 38.8% year-over-year)
  • October 2022 – 6,243 (down 28.9% year-over-year)
  • September 2022 – 6,667 (down 26.2% year-over-year)
  • August 2022 – 7,556 (down 23.2% year-over-year)
  • July 2022 – 7,206 (down 32.4% year-over-year)
  • June 2022 – 8,833 (down 27.9% year-over-year)
  • May 2022 – 9,418 (down 14.8% year-over-year)
  • April 2022 – 9,951 (down 17.2% year-over-year)
  • March 2022 – 10,992 (down 1.8% year-over-year)

Based on the current level of activity, we anticipate that the number of overall sales of existing homes will continue to decline due to rising interest rates, limited buyer demand and elevated home prices.

Overall dollar sales volume during the the month of March 2023 was $5.6 billion which represents a 28.7% year-over-year decline.  This is also down from the 2022 high in March of $7.9 billion and well behind the recent peak of $8.2 billion as of April 2021.

  • March 2023 – $5.6 billion (down 28.7% year-over-year)
  • February 2023 – $3.6 billion (down 35.0% year-over-year)
  • January 2023 – $3.2 billion (down 34.6% year-over-year)
  • December 2022 – $3.5 billion (down 50% year-over-year)
  • November 2022 – $3.4 billion (down 38.9% year-over-year)
  • October 2022 – $4.1 billion (down 18.9% year-over-year)
  • September 2022 – $4.2 billion (down 20.3% year-over-year)
  • August 2022 – $4.8 billion (down 20.9% year-over-year)
  • July 2022 – $4.8 billion (down 24.8% year-over-year)
  • June 2022 – $6.7 billion (down 16.8% year-over-year)
  • May 2022 – $7.0 billion (down 5.6% year-over-year)
  • April 2022 – $7.1 billion (down 14.0% year-over-year)
  • March 2022 – $7.9 billion (up 7.7% year-over-year)

Existing Home Sale Prices (March 2023)

The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.

For the month of March 2023, the median sale price for existing home sale transactions in South Florida was $445,000 which is 6.0% higher than that observed for during the prior year but down from the recent peak in May/June 2022.

  • March 2023 – $445,000 (up 6.0% year-over-year)
  • February 2023 – $435,000 (up 7.4% year-over-year)
  • January 2023 – $429,000 (up 8.6% year-over-year)
  • December 2022 – $412,250 (up 3.3% year-over-year)
  • November 2022 – $430,000 (up 10.3% year-over-year)
  • October 2022 – $430,000 (up 14.7% year-over-year)
  • September 2022 – $432,008 (up 15.2% year-over-year)
  • August 2022 – $425,000 (up 11.8% year-over-year)
  • July 2022 – $440,000 (up 15.8% year-over-year)
  • June 2022 – $450,000 (up 18.9% year-over-year)
  • May 2022 – $450,000 (up 22.4% year-over-year)
  • April 2022 – $425,000 (up 17.2% year-over-year)
  • March 2022 – $420,000 (up 19.1% year-over-year)

For the same period, the average sale price for existing home sale transactions in South Florida was $687,586.  This amount is down 4.6% from the prior year 2022 and also lower than the recent peak in June 2022 ($754,840).

  • March 2023 – $687,586 (down 4.6% year-over-year)
  • February 2023 – $679,049 (down 1.6% year-over-year)
  • January 2023 – $708,207 (up 10.6% year-over-year)
  • December 2023 – $619,802 (down 12.3% year-over-year)
  • November 2022 – $640,059 (down 0.1% year-over-year)
  • October 2022 – $649,005 (up 14.1% year-over-year)
  • September 2022 – $630,159 (up 7.9% year-over-year)
  • August 2022 – $633,828 (up 3.0% year-over-year)
  • July 2022 – $667,918 (up 11.4% year-over-year)
  • June 2022 – $754,840 (up 15.5% year-over-year)
  • May 2022 – $740,112 (up 11.2% year-over-year)
  • April 2022 – $710,352 (up 4.0% year-over-year)
  • March 2022 – $716,804 (up 9.7% year-over-year)

Existing Home Inventory Levels (March 2023)

Inventory is the number of active property listings on the market for sale at any given point in time.  This particular statistic is one of the main components in a healthy real estate market.

As of the end of March 2023, there were 25,114 existing homes available for sale throughout South Florida. This is a 72.2% increase from the amount of inventory from the prior year as well as a substantial jump from January 2022 (16,211).  

It should be noted that within the past three years overall inventory has been extraordinary low compared to historical averages (as of January 2020 inventory levels exceeded 47,000 units).

  • March 2023 – 25,114 homes (up 72.2% year-over-year)
  • February 2023 – 26,170 homes (up 72.4% year-over-year)
  • January 2023 – 26,921 homes (up 66.1% year-over-year)
  • December 2022 – 26,168 homes (up 50.0% year-over-year)
  • November 2022 – 26,912 homes (up 39.4% year-over-year)
  • October 2022 – 25,923 homes (up 26.3% year-over-year)
  • September 2022 – 24,347 homes (up 12.9% year-over-year)
  • August 2022 – 23,898 homes (up 7.9% year-over-year)
  • July 2022 – 23,380 homes (up 3.4% year-over-year)
  • June 2022 – 21,014 homes (down 5.1% year-over-year)
  • May 2022 – 17,308 homes (down 24.6% year-over-year)
  • April 2022 – 15,103 homes (down 38.5% year-over-year)
  • March 2022 –  14,586 homes (down 48.2% year-over-year)

Although improving, the monthly supply of existing home inventory as of the end of the March 2023 continues to remain historically low.  At the current pace of sales, there is 3.6 months of inventory available for sale throughout the three counties in South Florida.

  • March 2023 – 3.6 months supply (up 140% year-over-year)
  • February 2023 – 3.6 months supply (up 140% year-over-year)
  • January 2023 – 3.6 months supply (up 125% year-over-year)
  • December 2022 –  3.4 months supply (up 88.9% year-over-year)
  • November 2022 –  3.3 months supply (up 65.0% year-over-year)
  • October 2022 –  3.1 months supply (up 47.6% year-over-year)
  • September 2022 –  2.8 months supply (up 27.3% year-over-year)
  • August 2022 –  2.7 months supply (up 17.4% year-over-year)
  • July 2022 –  2.6 months supply (up 13.0% year-over-year)
  • June 2022 –  2.3 months supply (0% year-over-year)
  • May 2022 –  1.8 months supply (down 30.8% year-over-year)
  • April 2022 –  1.6 months supply (down 44.8% year-over-year)
  • March 2022 – 1.5 months supply (down 58.3% year-over-year)

The number of new single-family home listings were put onto the market during the month of October 2022 declined by 15.0% (year-over-year) to 10,338.  

  • March 2023 – 10,338 homes (down 17.1% year-over-year)
  • February 2023 – 9,325 homes (down 15.3% year-over-year)
  • January 2022 – 10,003 homes (down 6.2% year-over-year)
  • December 2022 – 7,047 homes (down 16.4% year-over-year)
  • November 2022 – 8,439 homes (down 13.5% year-over-year)
  • October 2022 –  9,102 homes (down 15.0% year-over-year
  • September 2022 –  9,102 homes (down 16.8% year-over-year)
  • August 2022 –  10,433 homes (down 8.8% year-over-year)
  • July 2022 –  11,208 homes (down 5.4% year-over-year)
  • June 2022 –  12,898 homes (up 2.7% year-over-year)
  • May 2022 –  12,507 homes (up 0.3% year-over-year)
  • April 2022 –  11,514 homes (down 9.2% year-over-year)
  • March 2022 – 12,463 homes (down 6.9% year-over-year)

Are you thinking of selling?

Based on the most recent data, the current state of the residential market is changing fast. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, now may be the perfect time to do so while prices are still strong.

Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide.  We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.

Contact us at info@quantumcos.com or learn more by visiting our web site at www.QuantumRealtyAdvisors.com.

The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only.

Quantum Realty Advisors, Inc.

For more than 20 years Quantum has provided premium quality real estate services not only to traditional home buyers and sellers, but to business enterprises, trust and estate managers, asset management firms, charitable organizations and several of the world’s best know financial institutions.

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