The Florida Association of Realtors consolidates local association data from across the state and provides the previous month’s data to member Realtors through the SunStats reporting system. We then analyze the data for our local South Florida markets and generate this summary report and infographics for Broward, Miami-Dade and Palm Beach Counties.
Median sale prices are up over last year, but inventory still on the rise
Housing supply has steadily increased in South Florida since August 2023, but median sale prices continue to increase as well. As we get further into the winter season we expect the usual increase in demand, which should keep our inventory in check, further propping up median sale prices. Bottom line, property values in South Florida are still holding strong.
Single family home sales were up 4.4% from last year in the tri-county area, while median sale prices were up 7.4% to $650,000. This matches the all time high in South Florida from last June. Inventory is still relatively low at only 5.4 months of supply. This is still a seller’s market, but very slowly approaching equilibrium.
Closed condo sales were down 5.7% from last January. Despite this drop in volume, median sale prices are still up a modest 2.4% over last year. Condo inventory in South Florida continues to increase and currently at 10.9 months of supply. While this is technically a buyer’s market, many buyers still aren’t seeing it reflected in their sale prices.
Condo inventory is up to 10.9 months of supply, but many buyers are not seeing that reflected in their sale prices.
Broward County
The median sale price for a single family home in Broward County was up 11% over last year to $640,000, matching the all time high of $640,000 last June. Inventory remains low at 5.1 months of supply. This is still a seller’s market and the lowest single family home inventory in South Florida.
The median sale price for condos and townhomes in Broward County was down just 1.1% from last year to $272,000. Closed sales were also down 12% from last January. Condo inventory in Broward has almost doubled since last year at 10.8 months of supply.
The single family market in Broward County is still favoring sellers with only 5.1 months of supply, the lowest inventory in South Florida.
Broward County, Florida includes the coastal communities of Fort Lauderdale, Pompano Beach, Lauderdale-by-the-Sea, Lighthouse Point, Hillsboro Beach and Deerfield Beach.
Palm Beach County
The median sale price of a single family home in Palm Beach County was up 5.7% to $650,000, quickly approaching the peak of $660,000 last June. Single family inventory is also up, but remains low at only 5.5 months of supply. This is still a seller’s market.
The median sale price of condos and townhomes in Palm Beach County is up just 1.5% to $330,000. This is also quickly approaching the peak of $340k from last May. Condo inventory is still the tightest in South Florida with 9.7 months of supply.
Condo inventory in Palm Beach County is still the lowest in South Florida at 9.7 months of supply.
Palm Beach County, Florida includes the coastal communities of Boca Raton, Delray Beach, Boynton Beach, Lantana, Manalapan, West Palm Beach, Singer Island, North Palm Beach, Juno Beach and Jupiter.
Miami-Dade County
The median sale price of a single family home in Miami Dade County was up 7.1% from last year to $675,000. This matches last months record high and is still the highest single family median price in South Florida. Inventory was up slightly to 5.6 months of supply.
The median price for condos and townhomes in Miami Dade County was up a modest 2.3% to $415,000. However, this is well below the peak of $445,000 last March. Perhaps the high inventory in the Miami market is finally driving condo prices down.
Condo inventory in Miami-Dade County is the highest in South Florida at almost 12 months of supply.
Miami-Dade County includes the coastal communities of Miami, Miami Beach, Sunny Isles Beach, Golden Beach, Bal Harbour, Surfside and Key Biscayne.
Summary
Our single family markets remain strong throughout South Florida with inventory levels slowly returning to normal and steadily increasing median sale prices. Sales volume is still historically low, but that should change quickly as we get deeper into the busy winter and spring buying seasons. Prices are back at an all time high and we are just starting the busy season. We also expect more buyers will get off the sidelines, accepting today’s “new normal” mortgage rates. Bottom line, don’t expect single family home prices to come down any time soon. Now is a good time to buy, with more inventory to choose from. However, the best properties are in high demand and sell quickly. Find an agent who specializes in our local market. Their hard work, patience and local knowledge will pay off.
The condo market is a moving target as more associations get in compliance with their required inspections and reserve studies. With the help of experienced local Realtors, more buyers are getting comfortable with older condo buildings. As a result these savvy buyers and their agents are negotiating some phenomenal bargains. As more associations catch up with deferred maintenance and more owners pay down their special assessments, we expect demand to get back to normal and prices to increase. Make sure you are working with an experienced local agent who can help you navigate the due diligence required in purchasing a condo.
Are you thinking of selling? Every seller situation is different, so its hard to say if now is your best time to sell. For example, if you own a single family home in a tight market and you are considering downsizing to a smaller condo, then now might be a perfect time. Consult with your By The Sea Realty agent to determine your best sell/buy strategy. We utilize a suite of seller tools to help you accomplish your real estate goals. Its starts with our industry leading Cloud CMA.
For a detailed market analysis of your condo or single family home, or for professional assistance with your home search in South Florida please contact one of our local trusted agents.
