The Lamacchia Realty South Florida Housing Report presents overall home sale statistics and highlights the average sale prices for single families, condominiums/townhomes in Broward County, Miami-Dade County, and Palm Beach County for October 2022 compared to October 2021. It also looks at other metrics like New Listings and New Pending Sales as they are often the best indicators for predicting future trends in the market.
Broward County
In October of 2022, Broward County single family and condo/townhome closed sales, new listings, and pending sales decreased. Average price increased in both property types.
Miami-Dade County
In October of 2022, Miami-Dade single families and condos/townhomes saw decreases in closed sales, new listings, and pending sales, with increases in average price.
Palm Beach County
In October of 2022, Palm Beach County single families and condos/townhomes saw a decrease in closed sales, new listings, and new pending sales and a slight increase in average price.
Highlights
- Similar to national trends, the market is continuing its deceleration in the number of sales, listings, and pending activity with rises continuing, albeit slight, for average prices.
- Being that South Florida real estate is fueled by a significant portion of second homes, this winter may be particularly slow for the area as the adjusting economy and market generally put this type of property purchase on the back burner.
- Many would-be sellers are hesitant to list because they don’t want to lose their low-rate mortgage if they have to go ahead and apply for a new one at today’s higher rates.
- Many buyers are on the fence about making offers as affordability has been largely truncated by the cost of borrowing being higher than it has in years.
- What everyone needs to know is that there is a way to leverage existing low rates with Mortgage Assumptions.
- Sellers are able to sell their home and their low-rate mortgage to a buyer for a premium! Buyers are willing to pay more to assume a lower rate and therefore a lower monthly payment.
- Buyers can qualify for a mortgage assumption, find the home they want, and assume the seller’s existing low-rate mortgage which helps with affordability and combats rising prices!
- There are other ways to creatively obtain a mortgage at the current rates, such as ARMs or with a buydown to keep the rate below what’s current for a period of time.
- Those motivated to buy should do so before the new year, as homes tend to sell for more in spring!
- Anthony goes more in-depth in this video (click here) about the fall market and what’s to come for the winter.