Sales Volume is Still Down, but Inventory Ticks Up

South Florida’s home sales were down again in September as housing supply remains low and interest rates continue their upward trend. Median prices were up slightly year over year however, indicating that demand is still strong despite less than favorable market conditions for buyers. Sellers are still hesitant to list their homes for sale, mostly due to fear of not finding a replacement home and losing their current low interest rate.

The median sales price of a single family home in South Florida was up over last year to $600,000, but still below the all-time high of $623,000 in June of this year. Months supply of inventory was up slightly to 3.3 months of supply which is still a strong seller’s market.

Condo and townhome prices were up slightly over last year at $330,000, just below the record of $340,000 in June. Condo inventory ticked up again to 4.6 months of supply. This is still a seller’s market, but a welcome trend as we approach the busy winter buying season.

Sellers are still hesitant to list their homes for sale, mostly due to fear of not finding a replacement home and losing their current low interest rate.

Broward County

The median sale price in September was up slightly to $602,000, but still below the peak of $615,000 in June. Inventory was also up slightly, but still extremely low at only 3.0 months of supply. This is still the lowest supply of single family homes in South Florida. The luxury single family market in Broward County was very active with sales volume up 19.5% year over year.

The median price of a condo/townhome in Broward County was down for the second straight month, but up slightly over last year and only $10,000 below its summertime peak. Inventory has increased every months since the low in April of 2022, but it remains a seller’s market with only 4.1 months of supply. We hope this trend will continue as the winter months typically attract seasonal buyers looking to purchase condos as second homes.

Condo inventory in Broward County has increased every month since the low in April of 2022, but it remains a seller’s market with only 4.1 months of supply.

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 sales price of a single family home in Palm Beach County was $600,000 in September, up slightly over last year, but down from the peak of $625,000 in June. After 7 straight months of declines, the months supply of single family inventory was up, but still extremely low with only 3.3 months of supply. We hope this upward trend continues.

The median sales price for a condo/townhome in Palm Beach County was $309,900, up slightly over last year and up for the first time since June. Months supply of inventory for condos is also up for the first time in several months, another welcome trend.

After 7 straight months of decreasing inventory, the supply of single family homes in Palm Beach County was up, but still extremely low at 3.3 months.

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 was up over last year, but down for the second straight month since the peak of $631,670 in July. Single family inventory is the highest in South Florida at 3.8 months, but still a seller’s market. The luxury home market in Miami-Dade was extremely active with sales in September up over 30% from last year.

Median prices for condos and townhomes in Miami-Dade are the highest in South Florida at $415,000. Prices have been flat since April, but are up 5.6% over last year. Inventory is also the highest in the tri-county area at 5.8 months of supply. This is neither a seller’s or buyer’s market.

Condo inventory in Miami-Dade is the highest in the tri-county area at 5.8 months of supply. This is neither a buyer’s or seller’s market.

Miami-Dade County includes the coastal communities of Miami, Miami Beach, Sunny Isles Beach, Golden Beach, Bal Harbour, Surfside and Key Biscayne.

Summary

Closed sales volume is still below average for this time of year, but this is no surprise given the low inventory levels and high interest rates. The good news is that we are slowly increasing inventory across all segments, although probably not fast enough with the busy winter season almost upon us. Affordability is still the issue for many buyers who are struggling to find homes in the competitive lower price ranges. Overall our market remains strong as Florida continues to draw new residents and second home buyers.

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.