Welcome to the Southeast Florida Market Update for the year-end of 2023, where we delve into the performance of the real estate market in Southeast Florida over the past year and provide insights into what lies ahead in 2024. In this comprehensive analysis, we’ll examine key trends, market dynamics, and notable developments that shaped the real estate landscape in the region throughout 2023. Furthermore, we’ll offer a detailed outlook for 2024, highlighting potential opportunities, challenges, and factors influencing the SE Florida real estate market in the upcoming year. Join us as we navigate through the highs and lows of 2023 and explore what the future holds for real estate investors, homebuyers, and industry stakeholders in Southeast Florida.

Southeast Florida 2023 Year-End Market Performance

The Southeast Florida Real Estate Market has continued in 2023 to appreciate in value over the previous year. Median Sales Prices in the Miami-Fort Lauderdale-West Palm Beach Metro Statistical Area (MSA) appreciated year-over-year across all asset types (single family homes, condos, townhomes, etc.) by +8.2% overall, however, quarter-over-quarter Median Sales Prices plateaued during Q2 and Q3 and declined slightly in Q4.

In terms of Closed Sales -a key indicator for market activity – the market experienced a more significant slow-down. The market came to seemingly halt when the number of Closed Sales hit a 10-year-low in Q4-2023 – with the exception of Q2-2020 when the Covid-Pandemic temporarily froze the market.

Bottom Line: Despite year-over-year price growth, we’re seeing early indicators of a market deceleration with Median Sales Prices stalling and the number of Closed Sales declining during 2023.

Southeast Florida 2024 Market Outlook

Buyers’ activity in Q1-2024 appears improved over Q4-2023, most likely fueled by lower interest rates and due to improved seasonal effects. We’re expecting market activity to increase throughout February and peaking in March for Q1-2024. Overall, it appears more buyers and in particular more investors are returning to the market in 2024.

See charts below for more information or download our detailed Southeast Florida Market Update 2024 market analysis and forecast for Southeast Florida

Click here to download our Southeast Florida Market Update 2024

While the information above describes a general trend, it’s important to consider individual neighborhood micro markets and asset types to derive any sales or buying strategy. Contact us for a more personalized analysis.

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This publication does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or any interests in any investment products advised by, or the advisory services of, Maximilian Stalinski PA (“MSPA”). This publication has been prepared without regard to the specific investment objectives, financial situation or particular needs of recipients and under no circumstances is this publication on its own intended to be, or serves as, investment advice. The discussions set forth in this publication are intended for informational purposes only, do not constitute investment advice and are subject to correction, completion and amendment without notice. Further, nothing herein constitutes legal or tax advice.  Prior to making any investment, an investor should consult with its own investment, accounting, legal and tax advisers to independently evaluate the risks, consequences and suitability of that investment.