Weston, Florida Real Estate Market Forecast & Trends 2023

Buyers and sellers planning for a home search or sale in 2023 may be unsure about fluctuating market conditions and how it impacts their home transaction. Although factors like rising interest rates and decreasing closed sales will cause market conditions to cool, the market in Weston will likely remain robust. Global interest and cross-country buyers looking for luxury homes for sale in Weston, FL, continue to drive the active market in the area. Here's a review of today's local market and what to expect in 2023.

Currently, Weston is a cooling seller’s market. Buyers in the area will benefit from relatively few sales, which means less competition between buyers. Increasing month’s supply and inventory for single-family homes is also a plus, meaning buyers have more options available in their search. Greater inventory means real estate agents and their clients can scrutinize listings to isolate their most desired houses. Buyers looking for townhouses or condos in the area have a more challenging search, as months’ supply is replenishing slower and active listings are decreasing.

Sellers in Weston likely feel a slowdown, an effect of fewer sales and more competition with other sellers listing their properties in the area. Recently, homes have sold just a few percent below asking prices, on average, which may indicate a readiness to compromise on the part of local sellers.

Even with the shifting market, conditions still favor sellers. Inventory is increasing but remains well below the standard six months typical of a balanced market — three months for single-family homes and two months for townhouses and condos. The market primes sellers for competitive and escalating offers.

Cooling trends are expected to continue entering the 2023 year, although the area will remain in a seller’s favor for the foreseeable future. Even with larger slowing trends across the country, the allure of Florida’s sunny weather and beaches for buyers across the country keeps demand for properties strong. Weston buyers and sellers also benefit from Florida’s financial perks, like tax breaks, which only create more interest in the area.

Areas like Weston also provide excellent investment opportunities for those buying a property in 2023. Popular Weston neighborhoods like Bonaventure Lakes and Mariposa Point provide desirable living in a sought-after location. Renters, who make up about a quarter of area residences, are paying high rents for the premium of living in Weston. This dynamic translates to opportunities for investors looking to make a profit.

Another trend in the Weston area to keep an eye on entering 2023 is the increase in cash buyers. Across the Miami-Fort Lauderdale-West Palm Beach MSA, many buyers are paying cash for single-family homes and condos. Buyers who can pay in cash bypass rising interest rates in the area. Cash buyers significantly impact condo sales, as sales for the property type in the region rose among decreasing home sales in the fall of 2022.

Buyers who partner with an experienced and local real estate agent in Weston, FL, like Esteban Hernandez, have a mix of advantages heading into 2023. As inventory increases and sales for single-family homes decline, buyers won’t have to worry as much about bidding wars or making a rushed purchase. Instead, they can take their time deciding which property is the best fit and have more opportunities to negotiate with sellers.

Buyers who don’t intend to make a cash offer in 2023 have to be mindful of increasing interest rates. As of this writing, the average Florida rate for a 30-year fixed mortgage is about 7%, while the rate for a 15-year fixed mortgage is about 6%. Buyers should factor in the impact of a mortgage on their home purchase before deciding on a property. The cost of living in Weston can also limit buyers, as it’s substantially higher than the national average.

Sellers interested in listing their property can expect favorable market conditions going into the new year. Demand will remain high due to the city’s desirable area and buyer interest in Florida for all property types. This interest keeps median list prices high and rising and inventory low. With a minimal impact on mortgage rates, especially with condo sales, active sellers may field more cash offers at the beginning of 2023.

There are a few things to look out for in the new year. Although demand for Weston properties is strong, sales are declining. In 2023, sellers should expect longer listing times and more competition for fewer buyers in the area. Increasing mortgage rates will impact buyer power, which may result in lower offer prices. As inventory increases, the seller’s market conditions will weaken further into 2023.

2023 in Weston is looking good for sellers who expect favorable trends to last throughout the year. Condos, in particular, are in high demand across Broward County, where eager buyers are making cash offers. However, the seller’s advantage may wane by the end of 2023. Buyers can expect prices to remain high and to rise in 2023; however, slowly increasing inventory and decreasing home sales will create more opportunities in a home search than in years past.

When you’re ready to start planning your home search or sale in Weston, contact experienced agent Esteban Botero Hernandez to guide you through the process.

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