If you are thinking about selling your home, read this first. The market is changing, and it is still a great time to sell if you are in South Florida. How can I say this? According to the most recent quarterly market report, the sales price of closed sales considering; up when you look at this year compared to last year. This is astonishing considering; every media report will say that real estate is on the decline.
The market is leveling out which is a great thing. Buyers and Sellers can both benefit from this and not feel like they are losing out. A home is one of the biggest purchases that anyone will make in their lifetime. The data from Third Quarter 2022 shows that 2022 is a fabulous year for sellers in terms of property value.
When you compare 2021 to 2022, you can see the upside in real estate value for homeowners and sellers. In Q3 2022, the average home in Broward County was $400,000, an increase over Q3 2021 which was $345,000. This is a 16% increase year over year, which is quite impressive for Sellers, given that home prices were up the last two years.
In the single-family market in Broward County, the average home sales price in Q3 2022 was 566,000 an increase over Q3 2021 which was $485,000. This again is an increase of 17%. Quite a ROI (Return on Investment) for just one year.
In the Condo/Townhome market in Broward County, the average sales price in Q3 2022 was $270,000, an increase over Q3 2021 which was $217,000. This was a 26% increase in this segment for 2022. A remarkable ROI for homeowners of Condos and Townhomes in Broward County.
The moral of the story is that all though the market is shifting, is still a great time to sell your home in the South Florida Market.