MIAMI — Broward County mid-market condo sales surged double digits year-over-year, according to February 2024 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Broward $400,000 to $600,000 existing condo sales increased 22.4% year-over-year in February 2024.
“New listings for Fort Lauderdale real estate and Broward County are at pre-pandemic levels and it’s great news for buyers as we approach the spring homebuying season,” BROWARD-MIAMI President Venus Proffer said. “Contact a MIAMI REALTOR® for that proven experience to take you through the homebuying experience.”
New data highlighting South Florida: Miami ranked No. 1 for Highest Appreciating U.S. housing Market in 2023 via latest CoreLogic S&P CoreLogic Case-Shiller Indices and Miami ranks No. 1 in the U.S. in international migration via new Census numbers.
Total Broward Home Sales Decline Negligibly
Total Broward sales decreased 1.2% in February 2024, from 1,839 to 1,817. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume.
Broward single-family home sales decreased 0.2% year-over-year in February 2024, from 833 to 831. Broward existing condo sales decreased 2% year-over-year, from 1,006 in February 2023 to 986 in February 2024. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.
Broward New Listings at Pre-Pandemic Level, Giving Buyers More Options
Broward new listings are significantly rising year-over-year because they are being compared to a low bar— new listings in South Florida and all of Florida were abnormally low through late 2022 and early 2023. New listings fell in 2022-23 from the shock of rising interest rates.
Broward new listings have increased for five consecutive months and are at pre-pandemic levels. This has added to total inventory and is giving home buyers more variety.
Broward total new listings increased 30.66% year-over-year in February 2024, from 3,144 to 4,108. New listings in February 2020 were 3,844.
MIAMI Chief Economist: Buyers Have More Choices for Seasonal Spring Market Upswing
MIAMI REALTORS® analyzed sales data from 2012 to 2019 in the Southeast Florida counties of Miami-Dade, Broward, Palm Beach, Martin, and St. Lucie to understand the best time to buy and sell a home. Home sales start ramping up from January and peak in May for most counties.
“In the single-family market, the robust demand and more home listings provide a healthy springboard for the seasonal spring market upswing,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Single-Family home prices amazing continue to appreciate at a double-digit price pace in Miami-Dade County through Martin County, reflecting the housing market’s strength, underpinned by strong job growth and a rising population. More new home listings give buyers more choices at this more competitive time of the market.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.74% as of March 14. That’s down from 6.88% the prior week but up from 6.60% one year ago.
Broward Inventory is Still Down 21.7% From Historical Average
Total inventory is down 21.7% from the historical average for Broward. The monthly historical average for Broward existing inventory is 15,411 and current inventory is at 12,071.
Total active listings at the end of February increased 56.3% year-over-year, from 7,723 to 12,071.
Inventory of single-family homes increased 22.8% year-over-year in February 2024 from 3,176 active listings last year to 3,901 last month. Condominium inventory increased 79.7% year-over-year from 4,547 to 8,170 listings during the same period in 2023.
Months’ supply of inventory for single-family homes is 3.8 months, which indicates a seller’s market. Inventory for existing condominiums is 6.8 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 February was 1.07 million units, up 5.9% from January and 10.3% from one year ago (970,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3.0 months in January but up from 2.6 months in February 2023.
Broward Real Estate Continues to Appreciate
Broward County single-family home median prices increased 11.6% year-over-year in February 2024, increasing from $560,000 to $625,000. Existing condo median prices increased 6.6% year-over-year from $272,000 to $290,000.
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 $221 Million Local Economic Impact in February 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 1,705 homes in February 2024 for a local economic impact of $221 million.
Broward total dollar volume totaled $1.1 billion in February 2024. Single-family home dollar volume increased 17.17% year-over-year to $720 million. Condo dollar volume increased 7.55% year-over-year to $364 million.
Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.7% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.9% in February 2023.
Short sales and REOs accounted for 0.1% and 0.06% year-over-year, respectively, of total Broward sales in February 2024.
Broward’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 3% of sales in February, virtually unchanged from last month and the prior year.
Broward Outperforming State, National Price Appreciation
In Florida, closed sales of single-family homes statewide totaled 19,040 in February 2024, up 2.2% year-over-year, while existing condo-townhouse sales totaled 7,471, down 2.5%. 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 – bounced 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).
The statewide median sales price for single-family existing homes was $415,000, up 5.1% 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 $325,000, 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 February was $384,500, an increase of 5.7% from the prior year ($363,600). 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 96% in February 2024. The median percent of original list price received for existing condominiums was 94.6%.
The median number of days between listing and contract dates for Broward single-family home sales was 40 days, down from 42 days last year. The median time to sale for single-family homes was 76 days, down from 78 days last year.
The median number of days between the listing date and contract date for condos was 43 days, up from 29 days. The median number of days to sale for condos was 81 days, up from 69 days.
Broward Cash Sales 34.8% More than National Figure
Cash sales represented 44.5% of Broward closed sales in February 2024, compared to 43.4% in February 2023. About 33% 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 58.2% of all Broward existing condo sales and 28.3% of single-family transactions.
To access February 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 over 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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