{"id":4584,"date":"2023-05-19T09:00:51","date_gmt":"2023-05-19T13:00:51","guid":{"rendered":"https:\/\/www.luxuryhomemagazine.com\/thepalmbeaches\/blog\/?p=4584"},"modified":"2023-05-18T13:24:20","modified_gmt":"2023-05-18T17:24:20","slug":"market-report-2023-q1-southern-florida","status":"publish","type":"post","link":"https:\/\/www.luxuryhomemagazine.com\/thepalmbeaches\/blog\/2023\/05\/19\/market-report-2023-q1-southern-florida\/","title":{"rendered":"Market Report 2023 Q1 Southern Florida"},"content":{"rendered":"

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\nMarket Report
The South Florida Luxury Real Estate Market had some of the most unprecedented years of growth from 2020 \u2013 2022; however, Q1 2023 sees the market normalizing to a more standard growth versus the exorbitant activity seen during the \u201cpandemic\u201d migration to Florida.<\/p>\n

With rising interest rates, high inflation, and rising costs, the market corrected itself in Q1 2023, by increasing inventory, by 153.8% for months\u2019 supply of inventory from 1.3 months to 3.3 months year over year (comparing February 2023 to February 2022 market data). The increase in inventory, coupled with an increase in median time to sale of 32.8%, decreased pending sales by -12.7%, but increased the median sales price by 4.2%. Proving that the South Florida Market is still a safe and lucrative investment.\n<\/p>\n

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In speaking with luxury residential buyers and sellers, Talbot Sutter, President and Broker of Sutter & Nugent, LLC realizes that most his luxury clients have come to the realization of market normalization; wherein both buyers and sellers realize 2019 market prices and data are more accurate in evaluating their home\u2019s value, and market performance. Market performance improved from Q4 2022 to Q1 2023, with new pending luxury sales increasing from the end of Q4 2022 at 588 to February 2023 at 1,114, an increase of 89.46%. This proves that market performance going into Quarter 2 2023 will remain healthy and efficient as the demand for residents from high-tax states will continue their influx into Florida, and more particularly the luxury South Florida region.<\/p>\n

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Sutter & Nugent, LLC<\/a> is a fourth generation respected and trusted counselor to an affluent collection of global buyers, sellers, and real estate developers. Year after year, the firm has repeatedly represented an extensive portfolio of high net-worth individuals in luxury transactions throughout South Florida. Providing local generational expertise, coupled with a top tier broadcasting network of international exposure, our real estate experts are seasoned professionals redefining the business through their lifestyle insights and access to a diverse rolodex of scrutinized vendors. Well informed, accomplished, and highly committed to achieving the best results, the Sutter & Nugent Real Estate firm represents top real estate experts that are unequivocally qualified to guide our high net-worth clientele throughout the entire process. <\/p>\n

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Talbot K. Sutter is a lifelong resident of Palm Beach Gardens, a fourth-generation Palm Beach County Florida Native. In January of 2014, Talbot formed Sutter & Nugent Real Estate, a full-service upscale residential and commercial real estate company, to better serve his customers and to provide a level of personal service rarely found in the industry. The company specializes in working with sellers and buyers in the Palm Beaches and throughout Florida, with emphasis on luxury properties, waterfront real estate, and premiere neighborhoods.<\/p>\n

Talbot K. Sutter<\/p>\n

President | Broker<\/p>\n

Sutter & Nugent, LLC<\/a>\n<\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text css=”.vc_custom_1618337553332{margin-bottom: 30px !important;}”]Visit Luxury Home Magazine of The Palm Beaches<\/a> to search more available luxury real estate in South Florida.[\/vc_column_text][\/vc_column][vc_column width=”1\/3″][vc_widget_sidebar sidebar_id=”sidebar”][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”50″][vc_column_text css=”.vc_custom_1610052315170{margin-bottom: 20px !important;}”]<\/p>\n

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