South Florida Housing – Market Update (September 2022)


The residential real estate market within the South Florida MSA (Miami-Dade, Broward and Palm Beach counties) continues to slow. As of the end of September 2022, the market has experienced seven consecutive months of declining year-over-year sales.  However, median & average sale prices of homes across most property types and price points continue to rise.

According to FloridaRealtors, there were a total of 6,667 existing home sales throughout the tri-county area during the month of September 2022. This represents a  26.2% decline from the number of existing home sale transactions completed during the September 2021 and considerably lower than the 2022 peak of 10,992 transactions during March 2022.

The number of closed sales have declined within six of the past eight months this 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)
  • February 2022 – 8,100 (up 7.8% year-over-year)
  • January 2022 – 7,549 (up 11.9% year-over-year)

Based on the current level of activity, it is anticipated that the number of overall sales of existing homes will continue to decline due to limited buyer demand, rising interest rates and exceedingly high home prices.

Overall dollar sales volume during the the month of September 2022 was $4.2 billion which represents a 20.3% year-over-year decline.  This is also down from the YTD high in March 2022 of $7.9 billion and well behind the recent peak of $8.2 billion as of April 2021.

  • 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)
  • February 2022- $5.6 billion (up 21.7% year-over-year)
  • January 2022 – $4.8 billion (up 24.5% year-over-year)

Existing Home Sale Prices (September 2022)

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 September 2022, the median sale price for existing home sale transactions in South Florida was $432,008 which is 15.2% higher than that observed for during the prior year but down from the recent peak in May/June 2022.

Additionally, it should be noted that a trend of declining prices (from the recent peak) appears to be taking place as values have gone down for the past two months.

  • 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)
  • February 2022 – $405,000 (up 15.7% year-over-year)
  • January 2022 – $395,000 (up 16.2% year-over-year)

For the same period, the average sale price for existing home sale transactions in South Florida was $630,159.  This amount is just 7.9% higher than the prior year 2021 but considerably lower than the recent peak in June 2022 ($754,840).

  • 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)
  • February 2022 – $690,333 (up 12.9% year-over-year)
  • January 2022 – $640,338 (up 11.3% year-over-year)

Existing Home Inventory Levels (September 2022)

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 September 2022, there were 24,347 existing homes available for sale throughout South Florida. This is a 12.9% 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).

  • 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)
  • February 2022 – 15,179 homes (down 51.8% year-over-year)
  • January 2022 – 16,211 homes (down 52.9% year-over-year)

Although improving, the monthly supply of existing home inventory as of the end of the September 2022 continues to remain historically low.  At the current pace of sales, there is 2.8 months of inventory available for sale throughout the three counties in South Florida.

  • 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)
  • February 2022 – 1.5 months supply (down 63.4% year-over-year)
  • January 2022 – 1.6 months supply (down 65.2% year-over-year)

The number of new single-family home listings were put onto the market during the month of September 2022 declined by 16.8% (year-over-year) to 9,102.  

  • 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)
  • February 2022 – 11,009 homes (down 3.9% year-over-year)
  • January 2022 – 10,665 homes (down 8.6% 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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