Wilton Manors Real Estate Market Report

APRIL 2023 | WILTON MANORS, FLORIDA MARKET REPORT

In the latest market update for Wilton Manors, Florida, we are observing some intriguing trends in both single-family homes and townhouses/condos sector.

Starting with single-family homes, we've noticed a decrease in the number of sales. Specifically, we saw a 42.1% drop in April 2023 compared to April 2022, with a slightly less dramatic 4.0% decrease year-to-date (YTD). Despite this slowdown, the prices are on the rise. The median sales price increased by 6.4% in April and by 14.9% YTD, while the average sales prices saw an even greater bump, rising by 15.3% in April and 18.8% YTD.

Interestingly, the total dollar value of sales dipped in April by 33.2% compared to the previous year but jumped by 14.1% when viewed YTD. The changing market dynamic is reflected in the percentage of the original list price sellers received, which dipped by 8.5% in April and 6.2% YTD, suggesting buyers are gaining a bit more leverage in negotiations.

Moreover, the inventory of homes for sale has increased significantly, showing a 227.3% rise from April 2022 to April 2023, indicating that potential buyers now have more options to choose from.

Moving on to the townhouse and condos sector, we're seeing a similar trend. The number of closed sales dropped 16.7% in April 2023 from April 2022 and saw a 7.8% dip YTD. However, prices are also climbing here, with the median sales price increasing by 3.9% in April and by a substantial 34.0% YTD. The average sales price experienced a minor bump in April by 1.4% but made a significant leap by 26.9% YTD.

The total dollar value of sales decreased by 15.5% in April from 2022 but went up by 17.0% YTD, pointing to a similar trend as seen in the single-family homes sector. The supply of townhouses/condos increased modestly from 1.1 months to 1.3 months from April 2022 to April 2023.

In conclusion, even though sales are slowing, prices are on the upswing in Wilton Manors, making it a seller's market for now. However, with rising inventory levels, buyers might soon have more choices and bargaining power. Stay tuned as we continue to monitor these trends in future market updates!

Let me know your thoughts and happy real-estating! -Cameron