MIAMI — Broward County total home sales increased year-over-year, according to January 2024 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Broward total home sales increased 0.6% year-over-year in January 2024.
“Cash sales increased year-over-year in Fort Lauderdale and Broward,” BROWARD-MIAMI President Venus Proffer said. “We continue to see demand from our top feeder states: California, New York and New Jersey. If mortgage rates decline as predicted later this year, it should lead to more sales for our incredible market.”
Total Broward, Single-Family Home & Mid-Market Transactions Increase
Total Broward sales increased 0.6% in January 2024, from 1,552 to 1,562. The statistics don’t include South Florida’s robust developer new construction market and volume.
Broward single-family home sales increased 4.4% year-over-year in January 2024, from 677 to 707. Broward existing condo sales decreased 2.3% year-over-year, from 875 in January 2023 to 855 in January 2024. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.
Broward total home sales priced between $400K to $600K increased 16% year-over-year. Condos in that price range jumped 26.2% year-over-year.
Total Broward New Listings Rise Again
Broward total new listings increased 33.78% year-over-year in January 2024, from 3,280 to 4,388. The Broward market remains in a seller’s market but the fresh supply of listings will give buyers more options.
Broward single-family homes new listings increased 23.97% while Broward condo new listings jumped 39.43% year-over-year.
7% Mortgage Rates are Back, but MIAMI Chief Economist Predicts Decline Later this Year
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.77% as of February 15. That’s up from 6.64% the previous week and 6.32% one year ago. Mortgage News Daily’s survey has the 30-year fixed rate at 7.14% on Feb. 21, 2024.
“In recent weeks, mortgage rates have started to rise again as inflation rose more than expected in January,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “The Fed remains cautious at cutting rates. Tate cuts will likely commence in June, so we should see a stronger rebound in the second half.”
Broward Inventory is Still Down 26.5% From Historical Average
Total inventory is down 26.5% from the historical average for Broward. The monthly historical average for Broward existing inventory is 15,411 and current inventory is at 11,332.
Total active listings at the end of January increased 42.6% year-over-year, from 7,945 to 11,332.
Inventory of single-family homes increased 11.1% year-over-year in January 2024 from 3,454 active listings last year to 3,838 last month. Condominium inventory increased 66.9% year-over-year from 4,491 to 7,494 listings during the same period in 2023.
Months’ supply of inventory for single-family homes is 3.7 months, which indicates a seller’s market. Inventory for existing condominiums is 6.2 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of January was 1.01 million units, up 2.0% from December and 3.1% from one year ago (980,000). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.
Broward Real Estate Continues to See Rising Home Price Appreciation
Broward County single-family home median prices increased 6.5% year-over-year in January 2024, increasing from $540,000 to $575,000. Existing condo median prices increased 1.9% year-over-year from $269,900 to $275,000.
South Florida’s Incredible Wealth Migration
With elevated levels of out-of-state migration into Southeast Florida and its strong economy that has attracted business expansions and relocations, the share of million-dollar homes to total sales has steadily climbed since 2019. In 2023, the share of million-dollar homes to total single-family sales listed on the MIAMI MLS rose to 17% in 2023 (6% in 2019); for condos/townhomes, the share rose to 9% (5% in 2019).
Migration into Southeast Florida remains strong. In 2023, 153,347 driver licenses were exchanged for a Florida license in the counties of Miami-Dade, Broward, Palm Beach, and Martin, up 8.3% from the level in 2022 (141,621). New York, New Jersey, and California continue to be the market’s top feeder states.
Broward Real Estate Posts $190 Million Local Economic Impact in January 2024
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $122,000, according to NAR. Broward sold 1,562 homes in January 2024 for a local economic impact of $190.5 million.
Broward total dollar volume totaled $865 million in January 2024. Single-family home dollar volume increased 10.54% year-over-year to $558 million. Condo dollar volume decreased 9.05% year-over-year to $303 million.
Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.9% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.4% in January 2023.
Short sales and REOs accounted for 0.1% and 0.9% year-over-year, respectively, of total Broward sales in January 2024.
Broward’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in January 2024, virtually unchanged from last month and the prior year.
Broward Median Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 14,851 in January 2024, up 0.6% year-over-year, while existing condo-townhouse sales totaled 6,008, down 1.2%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January. Year-over-year, sales slipped 1.7% (down from 4.07 million in January 2023).
The statewide median sales price for single-family existing homes was $405,000, up 3.8% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $320,000, up 3.2% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in January was $379,100, an increase of 5.1% from one year ago ($360,800). All four U.S. regions posted price increases.
Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95.7% in January 2024. The median percent of original list price received for existing condominiums was 95%.
The median number of days between listing and contract dates for Broward single-family home sales was 38 days, down from 40 days last year. The median time to sale for single-family homes was 76 days, even with last year.
The median number of days between the listing date and contract date for condos was 42 days, up from 28 days. The median number of days to sale for condos was 80 days, up from 70 days.
Broward Cash Sales 38.4% More than National Figure
Cash sales represented 44.3% of Broward closed sales in January 2024, compared to 43.2% in January 2023. About 32% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 58.1% of all Broward existing condo sales and 27.6% of single-family transactions.
To access January 2024 Broward Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 104 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 260 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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