Median Sale Prices Climb to New Record Highs in South Florida
Our real estate market here in South Florida has once again proven to be a little different than the rest of the country. While median prices in many US markets have fallen due to higher mortgage rates, prices continue to rise here in our tri-county area. As long as inventory stays low and more wealthy people move to the area our home prices are expected to keep rising in South Florida.
The median sales price of a single family home in South Florida reached a new record high of $623,500 in June, surpassing the previous peak of $610,000 last month. Months supply of inventory remained the same as last month at 3.0 months which is still a strong sellers market.
The condo market has followed suit with the median price of condos and townhomes reaching a new high of $340,000 which is a $10,000 increase over last month’s record. Supply in the condo market is actually down a bit from last month and is currently at 4.0 months of supply. As long as single family prices continue to rise we expect that more buyers will move to the condo market and keep inventory low.
While median prices in many US markets have fallen due to higher mortgage rates, prices continue to rise here in the South Florida market.
The median sales price of a single family home in Broward County spiked to $615,000 in June which is a 5% increase over just last month. Broward has only 2.7 months supply of single family homes which is still the lowest in South Florida. This remains a very strong sellers market with little relief in sight for buyers who are feeling the pinch of affordability and higher interest rates.
The median price of a condo/townhome in Broward County rose slightly to $280,000 in June which is also a new record. Months supply of inventory remained the same as last month at 3.4 months of supply. This is mostly due to strong demand from buyers who have been priced out of the single family home market.
Broward County has only has only 2.7 months of single family inventory and 3.4 months of condo inventory, representing the lowest supply in the tri-county area.
Palm Beach County
The median sales price for a single family home in Palm Beach County went up slightly to $625,000 which is still the highest median price in South Florida. Months supply of inventory stayed the same as last month at 3 months of supply, so we expect single family prices to remain high in the county.
The median sale price for a condo/townhome in Palm Beach County last month was also up in June reaching another all time high of $325,000. Months supply of inventory for condos ticked down slightly from last month to 3.6 months.
The median sales price for a single family home in Palm Beach County reached $625,000 which is a new record and the highest median price in South Florida.
The median sale price of a single family home in Miami-Dade ticked up slightly over last month to another all time high of $622,500. Inventory remained the same as last month at 3.3 months of supply. This is still a strong sellers market in Miami-Dade.
Median prices for condos and townhomes also ticked up slightly in Miami-Dade to $418,000 while inventory dropped slightly from last month to 5.0 months of supply. This is the first time condo inventory has dropped month over month since March of last year.
Condos and townhomes inventory dropped slightly from last month to 5.0 months of supply. This is the first time inventory has dropped since March of last year.
Unlike other parts of the country our prices here in South Florida continue to rise and as long as inventory levels stay low we can expect median prices to continue their upward trajectory. It will be interesting to see what happens with condo inventory in the coming months since we usually see an increase in condo supply in the fall months. As long as buyers continue to move to the more affordable condo market we may continue to experience low condo inventory throughout the fall, perhaps even carrying us back into the busy winter season.
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.