Sales Slightly Down, Median Sale Prices Relatively Flat
South Florida home sales were down slightly from last year and still well below the average August volume. Despite lower interest rates, it seems affordability and the presidential election are keeping some buyers on the sidelines. After hitting near record highs in June, median prices are holding on, ranging from flat to 3% gains over last year.
Single family home sales were down 4.1% from last year in the tri-county area, but median prices were up 2.1% to $620,000. This is down slightly from an all-time high of $650,000 in June. Inventory is still the big story for single family homes. Months supply remains low at only 4.6 months of supply. This is still a seller’s market, but very slowly approaching equilibrium.
Condo sales were down 15% from last August. Despite this sharp drop in volume, median prices are holding on at $330,000. Condo inventory in South Florida is up to normal pre-pandemic levels at 8.4 months of supply.
Single family home inventory remains low at 4.6 months of supply. It is still a seller’s market in South Florida.
Broward County
The median sale price for a single family home in Broward County is up just 1.0% over last year to $606,000. However, this is down from the all time high of $640,000 last June. Inventory is still low at 4.5 months of supply. This is still a seller’s market and the lowest single family inventory in South Florida.
The median price for condos and townhomes in Broward County is unchanged from last year at $275,000, despite low sales volume and increasing supply. Condo inventory has more than doubled since last year at 8.3 months.
The single family market in Broward County is still favoring sellers with a low 4.5 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 sale price of a single family home in Palm Beach County was up 2.1% over last year to $617,000, but down from the peak of $660,000 in June. Single family inventory is up slightly, but remains low at only 4.7 months of supply. This is still a seller’s market.
The median sale price of condos and townhomes in Palm Beach County is up 3.3% to $315,000. Condo inventory is a bit tighter in Palm Beach County with only 7.1 months of supply.
Condo inventory in Palm Beach County is the lowest in South Florida at 7.1 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 3.2% from last year to $640,000. Inventory has remained flat since January with only 4.7 months of supply.
The median price for condos and townhomes in Miami Dade County was down just 0.2% to $415,000. This is the only county to experience a sales price drop in quite some time. This price decrease is likely related to the excess inventory, which is up to 9.5 month. This is a buyer’s market.
Condo inventory in Miami-Dade County is the highest in South Florida at 9.5 months of supply and is the only county to have a year-over-year price drop in the tri-county area.
Miami-Dade County includes the coastal communities of Miami, Miami Beach, Sunny Isles Beach, Golden Beach, Bal Harbour, Surfside and Key Biscayne.
Summary
We still have a lot of older condo buildings with ongoing renovations and increasing assessments. This makes financing difficult and sometimes impossible. As more buildings catch up with deferred maintenance we expect increased buyer demand for condos. In the meantime, an experienced local agent can help buyers and sellers navigate this challenging condo market.
Single family remains strong throughout South Florida with low supply and steadily increasing median sale prices. Sales volume is still historically low, but that could change quickly with the lower interest rates and the busy winter season right around the corner. Serious buyers shouldn’t wait though. When the election is over, more buyers will enter the market pushing prices even higher. Now is a good time to buy, but find an agent who specializes in our local market. Their hard work, patience and local knowledge will pay off.
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.
