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January 2024 South East Florida Real Estate Market Report & Newsletter by Susan J Penn Realtor Inbox

By Susan J. Penn

Real Estate Sales Representative with London Foster Realty 3133922

January 12, 2024 10:22 AM

Happy New Year! If your New Year’s resolutions include buying, selling, or upgrading property, be sure to reach out! It's an exciting time of year for all of us as we plan for 2024! Real Estate is forever changing. I appreciate you letting me know if you need a Market Report for your Home or Another Search added.

What are the 2024 Real Estate Predictions for South FL?

The new forecast by MIAMI Chief Economist Gay Cororaton is that she believes Sales will Rebound and there will be Sustained Price Appreciation.

1. Gay Cororaton's (MIAMI Chief Economist) first prediction is that Mortgage rates will continue to trend downwards in 2024 and could hit 5.25% by year-end. With inflation slowing, mortgage rates are likely to keep trending down. Currently mortgage rates are around or close to 7%.

Looking at 2023's year in review for 30-Year Mortgage Rates:

01.26.23 - 6.13%
02.23.23 - 6.50%
03.30.23 - 6.32%
04.27.23 - 6.43%
05.25.23 - 6.57%
06.29.23 - 6.71%
07.27.23 - 6.81%
08.31.23 - 7.18%
09.28.23 - 7.31%
10.26.23 - 7.79%
11.30.23 - 7.22%
12.28.23 - 6.61%

If you are looking to buy and need a mortgage, please let me know, as I am happy to provide you with a well-established mortgage consultant.

2. We are going to see an increase in real estate housing active listings for 2024. Buyers are anticipating mortgage rates to decrease. As this inventory increase starts to occur between Buyers and Sellers, we will be looking at a more balanced market. Currently, we are in a Sellers Market, there is a 3.5 month of Real Estate Supply in Broward County, meaning the demand for Real Estate homes from Buyers was higher than the supply from Sellers. For November 2023, there was a 14.9% increase in listings being added to the market from the prior year.

What does it cost to purchase a home in Broward County? Homes are averaging approximately $600,000.00 in November 2023 and $280,000.00 for Condominiums in Broward County. For Broward County, 42% of the Buyers are cash buyers, which is nearly double the rate for the average of cash buyers.

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Michael J. Perry

Fathom Realty - Lancaster, PA

Lancaster, PA Relo Specialist

Those Marketing Reports are GOLD to capture Locals ! Good to see Mortgage rates headed down !

Jan 12, 2024 11:31 AM

Bill Salvatore - East Valley

Arizona Elite Properties - Chandler, AZ

Realtor - 602-999-0952 / em: golfArizona@cox.net

Welcome to the Rain. Enjoyed your blog page, and I added you as a follower. I would love the follow back. Also, then we both get 50 points. Bill

Jan 13, 2024 05:31 AM

Susan J. Penn

thank you

Jan 13, 2024 12:53 PM

January 2024 South East Florida Real Estate Market Report & Newsletter by Susan J Penn Realtor Inbox

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Susan J. Penn

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