So, how is the Market? (Q3 2023 edition)

It's a question Realtors hear a lot and don't mind–many folks have an interest in the local housing market since it affects the biggest investment they likely own. But they often don't have reliable local data. So they ask their friendly real estate broker or agent.

This month' snapshot gives you the key data for the Single Family Home market, Q3 '23 compared to Q3 '22, for the Miami–Fort Lauderdale–West Palm Beach, Florida, MSA (the "Tricounty area").

Fun Fact: The most expensive area sale in the 3rd quarter was a home listed for $75,000,000, reduced to $68,000,000 and finally selling for $57,000,000–a sweet 24 percent discount from the original price.

Of Note: 16.3% of all US-home purchase contracts were canceled in September, as buyers are extra cautious in an increasingly unaffordable market and walk away. At the same time lenders will not accommodate fantasy prices, and sellers have to get used to making more concessions to close a deal with those buyers who can afford to buy.

For much more detailed market information relevant to your plans, you are invited to contact Tobias anytime.

(Copy and Infographic ©Kaiser Assoc, data by BeachesMLS and FAR Sunstats)

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