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                23 JAN

                Real Estate Statistics are in for December 2023!

                Real Estate Statistics are in for December 2023!

                We have just received the Real Estate statistics for December 2023! Let’s take a deeper look at those figures and what they mean.

                The real estate markets in our featured counites reflecting a dynamic and diverse landscape. There are a mix of positive and challenging indicators, with each county experiencing unique conditions. Some counties are leaning towards a more balanced or buyer-friendly market due to increased inventory and higher months of inventory. However, in some cases you’ll still see signs of a seller’s market, with faster sales and appreciation in median prices favoring sellers.

                Palm Beach County

                View total statistics for Palm Beach County: https://www.echofineproperties.com/by-the-numbers/palm-beach-county/

                1. Days on Market (DOM):
                  • Decrease of 19% in Days on Market indicates that properties are selling faster in Palm Beach County. This could be a positive sign for sellers, as shorter days on the market often signify strong demand and a competitive market.
                2. Pending Sales:
                  • A decrease of 7% in Pending Sales may suggest a slight slowdown in the number of properties under contract. This could be influenced by various factors, including economic conditions, interest rates, or seasonal trends.
                3. Closed Sales:
                  • A 3% decrease in Closed Sales indicates a dip in the actual completed real estate transactions. This might be reflective of a more cautious market or potential challenges in the buying process.
                4. Active Inventory:
                  • The 13% increase in Active Inventory suggests that there are more properties available for sale. This could lead to a more balanced market or potentially shift the dynamics in favor of buyers, providing them with more choices.
                5. Months of Inventory:
                  • The 25% increase in Months of Inventory, calculated by dividing the active inventory by the monthly sales, points towards a more buyer-friendly market. A higher months of inventory figure generally implies more supply relative to demand.
                6. Median Sale Price:
                  • A 6% increase in Median Sale Price is a positive indicator for sellers, indicating potential appreciation in property values. However, it’s essential to consider this in conjunction with other factors, such as overall market dynamics and demand.
                7. Dollar Volume:
                  • An increase of 9% in Dollar Volume signifies a growth in the total value of real estate transactions in Palm Beach County. This could be influenced by both higher prices and increased transaction volume.

                In summary, while there is a mix of positive and negative indicators, it seems that Palm Beach County’s real estate market is experiencing changes. Sellers may benefit from faster sales and increased property values, while buyers could have more options with the rise in inventory.

                 

                Martin County

                View total statistics for Martin County: https://www.echofineproperties.com/by-the-numbers/martin-county/

                1. Days on Market (DOM):
                  • A significant decrease of 25% in Days on Market suggests that properties are selling faster in Martin County. This is generally positive for sellers, indicating high demand and a potentially competitive market.
                2. Pending Sales:
                  • A 5% decrease in Pending Sales indicates a slight reduction in the number of properties under contract. This could be influenced by various factors such as market conditions, economic factors, or seasonality.
                3. Closed Sales:
                  • A 2% decrease in Closed Sales suggests a slight decline in completed real estate transactions. This could be indicative of various market factors, and it’s essential to monitor whether this trend continues over time.
                4. Active Inventory:
                  • An 18% increase in Active Inventory points to a rise in the number of available properties for sale. This shift may provide buyers with more choices and potentially ease competition among buyers.
                5. Months of Inventory:
                  • The 16% increase in Months of Inventory indicates a more balanced or potentially buyer-friendly market. This metric reflects the number of months it would take to sell the current inventory at the current sales pace.
                6. Median Sales Price:
                  • A 2% increase in Median Sales Price suggests a modest appreciation in property values. This is generally positive for sellers, although the rate of increase is relatively moderate.
                7. Dollar Volume:
                  • A 3% increase in Dollar Volume indicates growth in the total value of real estate transactions in Martin County. This could be influenced by both higher prices and increased transaction volume.

                In summary, Martin County’s real estate market is experiencing changes, with a faster pace of sales, a slight decrease in pending and closed sales, an increase in active inventory, and a modest appreciation in median sales prices. These factors collectively shape the market dynamics and can have implications for both buyers and sellers.

                 

                St. Lucie County

                View total statistics for St. Lucie County: https://www.echofineproperties.com/by-the-numbers/st.-lucie-county/

                1. Days on Market (DOM):
                  • A decrease of 14% in Days on Market suggests that properties are selling more quickly in St. Lucie County. This could indicate strong demand and a potentially competitive market, which may favor sellers.
                2. Pending Sales:
                  • A significant decrease of 25% in Pending Sales indicates a notable reduction in the number of properties under contract. This decline may be influenced by various factors, such as market conditions, economic factors, or seasonal trends.
                3. Closed Sales:
                  • A 10% decrease in Closed Sales suggests a decline in completed real estate transactions. This might reflect challenges or a slowdown in the overall market activity.
                4. Active Inventory:
                  • A modest 2% increase in Active Inventory suggests a slight rise in the number of available properties for sale. This could provide buyers with more options and potentially alleviate competition among buyers.
                5. Months of Inventory:
                  • The 16% increase in Months of Inventory indicates a more balanced or potentially buyer-friendly market. This metric reflects the number of months it would take to sell the current inventory at the current sales pace.
                6. Median Sales Price:
                  • A 2% increase in Median Sales Price suggests a modest appreciation in property values. This is generally positive for sellers, although the rate of increase is relatively moderate.
                7. Dollar Volume:
                  • A 4% decrease in Dollar Volume indicates a reduction in the total value of real estate transactions in St. Lucie County. This could be influenced by a combination of lower transaction volumes and potentially stabilizing or decreasing property values.

                In summary, St. Lucie County’s real estate market is exhibiting a mix of trends, with faster sales, a significant decrease in pending sales, a decline in closed sales, a modest increase in active inventory, a rise in months of inventory, and a modest appreciation in median sales prices.

                 

                Broward County

                View total statistics for Broward County: https://www.echofineproperties.com/by-the-numbers/broward-county/

                1. Days on Market (DOM):
                  • A decrease of 13% in Days on Market indicates that properties are selling more quickly in Broward County. This could signify strong demand and a potentially competitive market, benefiting sellers.
                2. Pending Sales:
                  • A 6% decrease in Pending Sales suggests a slight reduction in the number of properties under contract. This decline may be influenced by various factors, such as market conditions, economic factors, or seasonal trends.
                3. Closed Sales:
                  • The fact that Closed Sales remain exactly the same suggests a stabilization in the number of completed real estate transactions. This may indicate a market that is holding steady in terms of overall activity.
                4. Active Inventory:
                  • A marginal 1% decrease in Active Inventory suggests a slight reduction in the number of available properties for sale. This could contribute to a competitive market and potentially favor sellers.
                5. Months of Inventory:
                  • The 13% increase in Months of Inventory indicates a potential shift towards a more balanced or buyer-friendly market. This metric reflects the number of months it would take to sell the current inventory at the current sales pace.
                6. Median Sales Price:
                  • An 8% increase in Median Sales Price is a strong indicator of appreciation in property values. This is generally positive for sellers and can contribute to a healthier real estate market.
                7. Dollar Volume:
                  • A 6% increase in Dollar Volume signifies growth in the total value of real estate transactions in Broward County. This could be influenced by both higher prices and increased transaction volume.

                In summary, Broward County’s real estate market is showing several positive indicators, including faster sales, a stabilization in closed sales, a modest decrease in active inventory, an increase in median sales prices, and growth in dollar volume.

                 

                Miami-Dade County

                View total statistics for Miami-Dade County: https://www.echofineproperties.com/by-the-numbers/miami-dade-county/

                1. Days on Market (DOM):
                  • A substantial decrease of 20% in Days on Market suggests that properties are selling much faster in Miami-Dade County. This could indicate strong demand and a competitive market, which may benefit sellers.
                2. Pending Sales:
                  • A marginal 1% decrease in Pending Sales suggests a slight reduction in the number of properties under contract. This decline may be influenced by various factors, such as market conditions, economic factors, or seasonal trends.
                3. Closed Sales:
                  • A 1% increase in Closed Sales indicates a slight growth in the number of completed real estate transactions. This suggests that the market is maintaining or slightly improving in terms of overall activity.
                4. Active Inventory:
                  • A 7% decrease in Active Inventory signals a reduction in the number of available properties for sale. This may contribute to a more competitive market and potentially benefit sellers.
                5. Months of Inventory:
                  • The 8% increase in Months of Inventory suggests a potential shift towards a more balanced or buyer-friendly market. This metric reflects the number of months it would take to sell the current inventory at the current sales pace.
                6. Median Sales Price:
                  • A substantial 15% increase in Median Sales Price indicates significant appreciation in property values. This is generally positive for sellers and suggests a robust real estate market.
                7. Dollar Volume:
                  • A 14% increase in Dollar Volume signifies growth in the total value of real estate transactions in Miami-Dade County. This growth could be influenced by both higher prices and increased transaction volume.

                In summary, Miami-Dade County’s real estate market is showing several positive indicators, including faster sales, a slight increase in closed sales, a decrease in active inventory, substantial appreciation in median sales prices, and growth in dollar volume.

                 

                Indian River County

                View total statistics for Indian River County: https://www.echofineproperties.com/by-the-numbers/indian-river-county/

                1. Days on Market (DOM):
                  • A slight increase of 2% in Days on Market suggests a modest elongation in the time it takes to sell properties in Indian River County. This may be influenced by various market factors and could be worth monitoring for potential shifts in demand.
                2. Pending Sales:
                  • A 3% increase in Pending Sales indicates a growth in the number of properties under contract. This suggests a positive trend in terms of buyer interest and potential future closed sales.
                3. Closed Sales:
                  • A 1% decrease in Closed Sales suggests a slight decline in completed real estate transactions. This could be influenced by various factors and might be an area to watch for potential changes in market dynamics.
                4. Active Inventory:
                  • An 8% increase in Active Inventory suggests a rise in the number of available properties for sale. This may provide buyers with more options but could also impact overall market competitiveness.
                5. Months of Inventory:
                  • The substantial 27% increase in Months of Inventory indicates a significant shift towards a more buyer-friendly market. This metric reflects the number of months it would take to sell the current inventory at the current sales pace.
                6. Median Sales Price:
                  • A 1% increase in Median Sales Price suggests a modest appreciation in property values. This is generally positive for sellers, although the rate of increase is relatively small.
                7. Dollar Volume:
                  • A 5% decrease in Dollar Volume indicates a reduction in the total value of real estate transactions in Indian River County. This could be influenced by lower transaction volumes and potentially stabilizing or decreasing property values.

                In summary, Indian River County’s real estate market is exhibiting a mix of trends, including a modest increase in days on market, growth in pending sales, a slight decline in closed sales, an increase in active inventory, a significant rise in months of inventory, modest appreciation in median sales prices, and a decrease in dollar volume.

                Posted in Uncategorized on January 23, 2024 at 11:51 am.

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