Stay informed and ahead of the curve with our Q3 real estate update.
It’s time for our third-quarter market update for 2023! Today, we'll delve into the key developments in the real estate market over the past few months.
"We continue to get top dollar for our clients and outperform the market."
Overall, interest rates have been steadily increasing since July, and we're now approaching 8%. This has had a noticeable impact on our market. In terms of closed sales for the third quarter this year compared to last year, we've experienced a 4.47% decline. In East Coast Florida, home sales have been even lower than last year's already slower quarter. The good news is that we've managed a 16.4% increase, closing 106 deals in the past three months, surpassing the market by about 20%. However, pending sales have been down across the board, with our total MLS in East Coast Florida down by about 8.5% in pending sales. Still, we've outperformed the market by around 4.5% in this area.
Regarding median sales prices, despite taking a bit longer to sell (our average MLS is 66 days, while we're closer to about 35 days), we've outperformed the market by about half in terms of days on the market. In southeast Florida, the median sales price has risen to $602,000, marking a 5.7% increase, and our average sales prices have gone up by about 7.6%.
Despite the market's challenges, it's still a great time to sell, especially if you work with the right team and agent who can effectively market your property. We continue to get top dollar for our clients and outperform the market.
If you need more information or assistance with your property, feel free to reach out to us for a free consultation via phone or email. Wishing you a joyful holiday season.