July 2023 was a Neutral market! The number of for sale listings was up 28% from one year earlier and up 18.5% from the previous month. The number of sold listings increased 2.6% year over year and decreased 42% month over month. The number of under contract listings was up 12.5% compared to previous month and down 23.7% compared to previous year. The Months of Inventory based on Closed Sales was 3.2, up 23.4% from the previous year.

The Average Sold Price per Square Footage was up 7% compared to previous month and up 2.9% compared to last year. The Median Sold Price increased by 1.1% from last month. The Average Sold Price also increased by 2.9% from last month. Based on the 6 month trend, the Average Sold Price trend was “Neutral” and the Median Sold Price trend was “Neutral”.

The Average Days on Market showed a downward trend, an increase of 60% compared to previous year. The ratio of Sold Price vs. Original List Price was 98%, a decrease of 1% compared to previous year.

It was a Neutral Market

Property Sales (Sold)

July property sales were 40, up 2.6% from 39 in July of 2022 and 42% lower than the 69 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this month was higher by 28 units of 28%. This year’s bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory was up 18.5% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 12.5% in the pended properties in July, with 45 properties versus 40 last month. This month’s pended property sales were 23.7% lower than at this time last year.

All reports are published August 2023, based on data available at the end of July 2023, except for the today’s stats. All reports presented are based on data supplied by the My Florida Regional MLS DBA Stellar MLS, Realtor Association of Miami, Greater Fort Lauderdale Realtors, Southeast Florida Multiple Listing Service (MLS), Realtor Association of The Palm Beaches, Jupiter, Tequesta, Hobe Sound Association of Realtors, St. Lucie Association of Realtors, Realtor Boards of Southwest Florida, Greater Fort Myers and The Beach AOR, Bonita Springs & Estero AOR, Suncoast MLS of PRO Biz, Inc., SpaceCoast MLS/Brevard MLS or their MLSs. Neither the Associations nor their MLSs guarantee or are in anyway responsible for its accuracy. Data maintained by the Associations or their MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

The Average Sold Price per Square Footage was Neutral*

The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The July 2023 Average Sold Price per Square Footage of $351 was up 7% from $328 last month and up 2.9% from $341 in July of last year.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

The Days on Market Showed Downward Trend*

The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for July 2023 was 24, down 11.1% from 27 days last month and up 60% from 15 days in July of last year.

The Sold/Original List Price Ratio was Rising**

The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 98% was up 1% % from last month and down from 1% % in July of last year.

* Based on 6 month trend – Upward/Downward/Neutral

** Based on 6 month trend – Rising/Falling/Remains Steady