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.
Inventory continues to rise, while median sale prices see modest gains
Housing supply has steadily increased in South Florida since August 2023, but so have median sale prices. While prices continue to rise, the pace of these price increases has slowed. Median sale prices this time of year typically increase through the spring and then peak in June or July. As long as buyer demand stays strong through our busy season, we should expect the same trend to continue.
Single family home sales were down 4.1% from last year in the tri-county area, while median sale prices were up a modest 1.6% to $640,000. This is just below last month’s all time high sales price in South Florida. Inventory is still relatively low at only 5.6 months of supply. This is still a seller’s market, but very slowly approaching an equilibrium.
Closed condo sales in South Florida were down 17% from last February. Despite this sharp drop in volume, median sale prices are still up a modest 1.5% over last year. Condo inventory in South Florida continues to increase and is currently at 11.4 months of supply. While this is technically a buyer’s market, many buyers still aren’t seeing it reflected in their sale prices.
As long as buyer demand stays strong through our busy season, median sale prices should continue increasing through the spring and summer months.
Broward County
The median sale price for a single family home in Broward County was down 2.4% to $610,000. This is the first price decrease we’ve seen in some time, but is likely a correction due to the 11.3% increase we experienced last month. Inventory remains low at 5.3 months of supply. This is still a seller’s market and still the lowest single family home inventory in South Florida.
The median sale price for condos and townhomes in Broward County was down 5.2% from last year when condos reached a peak of $290,000 in February 2024. Condo inventory in Broward is up to 11.4 months of supply.
The single family market in Broward County is still favoring sellers with only 5.3 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 5.2% to $647,000, still off the peak of $660,000 last June. Single family inventory is also up, but remains low at only 5.7 months of supply. This is still a seller’s market.
The median sale price of condos and townhomes in Palm Beach County is up a more modest 1.0% to $317,000. Condo inventory in Palm Beach is still the tightest in South Florida with 10 months of supply.
Condo inventory in Palm Beach County is still the lowest in South Florida at 10 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 just 0.8% from last year to $655,000. This is down from last month’s record high of $675,000. Inventory was up slightly to 5.8 months of supply. This is still a seller’s market, but approaching equilibrium.
The median sale price for condos and townhomes in Miami Dade County was up a 8.3% to $455,000 which is a new record high. Inventory is up again to 12.6 months of supply. This is the highest in south Florida, but it doesn’t seem to be affecting overall sales prices.
Condo inventory in Miami-Dade County is the highest in South Florida at 12.6 months of supply, but sale prices are also up 8.3%.
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 median sale prices flattening a bit. Sales volume is still historically low, but we expect that to change as we get deeper into our busy season. We also expect more buyers will get off the sidelines, with mortgage interest rates down from the beginning of the year. Bottom line, we expect demand for single family homes to continue through the summer months and sale prices to continue their modest upward trend. 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 and these buyers are getting some amazing deals. Condos are now selling at 92.7% of list price, the lowest list to sell ratio in 13 years. 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.
