Closings were down in all four of the major counties covered by the BeachesMLS, according to a recently released report from Florida Realtors® and Broward, Palm Beaches & St. Lucie Realtors® for August 2023 market activity in Broward, Martin, Palm Beach and St. Lucie counties.
Closed home sales fell by a 2% margin year over year in Broward County, with 1,178 closings during the month. Sales increased on a month-over-month basis, however.
“Realtors closed 11% more transactions in Broward County this month compared to last month,” said association President Chris Krzemien. “We are seeing the median days to contract continue to increase year over year, reaching 23 days as buyers sift through the current inventory.”
The median sale price for a single-family home rose to $600,000, up 6.7% from last August’s median of $562,500. Meanwhile, the close-to-list-price ratio fell 1% to 97.3%, meaning the typical home sold for less than asking price.
Active inventory also decreased year over year, although months of inventory were 12% higher at a 2.8-month supply.
Single-family home sales fell by 12.3% in Martin County, with 164 closings during August. The median sale price fell 12.9% to $575,000, while the close-to-list price ratio dropped 0.1% to 95.4%.
Days on market rose to 25, up 19% year over year. Months of inventory jumped 11.5% annually to a 2.9-month supply, although active listings were down 5.7% year over year.
Closings also fell in Palm Beach County, with 1,249 homes sold last month compared to 1,292 during August 2022 — a decline of 3.3%. The median sale price rose 7.1% to $605,000.
Months of supply also rose in Palm Beach County amid annual inventory declines. The county had a 2.9-month supply in August, up 7.4% from the 2.7-month supply seen last August.
Homes are staying on the market longer in Palm Beach County as well: Median days on market increased by 33.3% to 24, up from 18 days last year.
Unlike inventory in nearby counties, months of supply in St. Lucie County remained flat from August 2022 to last month, at 2.7 months. Total active inventory dropped 19.3% to 1,311 listings.
Closings fell by 8%, with 505 homes sold during the month. Median days on market skyrocketed by 81.3% to 29 days amid decreased sales activity.
A year ago, the typical St. Lucie listing received 100% of the asking price at closing. That proportion fell to 97.5% last month, a 2.5% year-over-year decline. However, the median sales price increased by 1.3% to $395,000.