South Florida single family home prices are up slightly while condo prices soften a bit. Check out our SunStats data & expert insights for Fort Lauderdale, Miami and Palm Beach.
Single family prices remain stable year over year, supported by relatively tight supply and steady demand. Condos, on the other hand, continue to show price weakness, with inventory rising.
Inventory is currently at 9.7 months, which is in the range of equilibrium, and median prices are trending upwards. It feels like a normal market again.
Welcome to a normal condo market. Oceanfront condo inventory peaked at about 16 months last Spring, and has slowly been absorbed to our current level of 11.2 months of supply.
Buyers are getting comfortable with older condo buildings and as a result they are getting some amazing deals. Condos are now selling at 92.7% of list price, the lowest list to sell ratio in 13 years.
Inventory levels on Fort Lauderdale’s waterfront are technically favoring buyers, but we still wouldn’t call it a buyer’s market. Check out the October reports.
2 years ago we had less than 6 months of oceanfront condo inventory in Northeast Broward County. We now have 13 months of supply and arguably a strong buyer’s market.
Buyers are getting comfortable with older condo buildings and as a result they are getting some amazing deals. Condos are now selling at 92.7% of list price, the lowest list to sell ratio in 13 years.
The winter season is off to a good start this year with single family closed sales up 4.4% and median prices up 7.4%.
We expect the usual increase in demand this winter, which should keep our inventory in check, further propping up median sale prices.
Median sale prices for oceanfront condos are mixed across the markets, but overall median sale prices are up 6% since last year in NE Broward County.
Inventory levels on Fort Lauderdale’s waterfront are technically favoring buyers, but we still wouldn’t call it a buyer’s market. Check out the October reports.
