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Broward County Total $1M & Up Home Sales Increase

Broward County Total $1M & Up Home Sales Increase
Broward County Total $1M & Up Home Sales Increase

MIAMI — Broward County total $1M and up home sales increased, according to March 2024 statistics released by the MIAMI Association of Realtors (MIAMI) and the Southeast Florida Multiple Listing Service (SEFMLS).

 

Broward total $1M and up home sales rose 7% year-over-year.

 

“Fort Lauderdale real estate and Broward County continues to be a top destination for the world’s capital,” BROWARD-MIAMI President Venus Proffer said.

 

Broward $1M and Up Home Transactions Rise

Broward total $1M and up home transactions increased 7% year-over-year, from 227 to 243.

 

Broward total home sales decreased 18.9% year-over-year, from 2,813 to 2,281. 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 14.7% year-over-year in March 2024, from 1,271 to 1,084. Broward existing condo sales decreased 22.4% year-over-year, from 1,542 in March 2023 to 1,197 in March 2024. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.

 

MIAMI Chief Economist: Rising Rates Impacted Sales

“Higher mortgage rates that rose to the high 6’s caused a loss in momentum in sales in the last month of the quarter,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “However, the area continues to see solid price gains, particularly in Miami-Dade that saw phenomenal double-digit appreciation in both the single-family and condo market. An increase in sales of single-family homes above $600,000 in the first quarter indicates the strong presence of high-income and wealthy buyers who will continue to drive the sales growth in the spring and summer months, with mortgage rates likely to hover at 7% through June.”

 

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.88% as of April 11. That’s up from 6.82% the previous week and 6.27% one year ago.

 

Broward New Listings Nearing 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 are nearing pre-pandemic levels. This has added to total inventory and is giving home buyers more variety.

 

Broward total new listings increased 16.88% year-over-year in March 2024, from 3,454 to 4,037.

 

Broward Inventory is Still Down 18.99% From Historical Average

Total inventory is down 36.7% from the historical average for Broward. The monthly historical average for Broward existing inventory is 15,411 and current inventory is at 12,484.

 

Total active listings at the end of March increased 69.5% year-over-year, from 7,365 to 12,484.

 

Inventory of single-family homes increased 34.1% year-over-year in March 2024 from 2,988 active listings last year to 4,007 last month. Condominium inventory increased 93.7% year-over-year from 4,377 to 8,477 listings during the same period in 2023.

 

Months’ supply of inventory for single-family homes is 3.9 months, which indicates a seller’s market. Inventory for existing condominiums is 7.2 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 March was 1.11 million units, up 4.7% from February and 14.4% from one year ago (970,000). Unsold inventory sits at a 3.2-month supply at the current sales pace, up from 2.9 months in February and 2.7 months in March 2023.

 

Broward Real Estate Continues to Appreciate

Broward County single-family home median prices increased 7.4% year-over-year in March 2024, increasing from $565,000 to $607,000. Existing condo median prices increased 7.1% year-over-year from $269,500 to $288,750.

 

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 $278 Million Local Economic Impact in March 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 2,281 homes in March 2024 for a local economic impact of $278 million.

 

Broward total dollar volume totaled $1.4 billion in March 2024. Single-family home dollar volume increased 4.4% year-over-year to $935 million. Condo dollar volume increased 15.76% year-over-year to $454 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 1.1% in March 2023.

 

Short sales and REOs accounted for 0.1% and 0.9% year-over-year, respectively, of total Broward sales in March 2024.

 

Broward’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in March 2024, 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 23,435 in March 2024, down 10.4% year-over-year, while existing condo-townhouse sales totaled 9,332, down 16.6%. 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 – receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year-over-year, sales waned 3.7% (down from 4.35 million in March 2023).

 

The statewide median sales price for single-family existing homes was $420,600, up 3.9% 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 $330,000, up 3.1% 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 March was $393,500, an increase of 4.8% from the previous year ($375,300). All four U.S. regions registered price gains.

 

Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96.1% in March 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 35 days, down from 33 days last year. The median time to sale for single-family homes was 71 days, down from 73 days last year.

 

The median number of days between the listing date and contract date for condos was 39 days, up from 27 days. The median number of days to sale for condos was 77 days, up from 67 days.

 

Broward Cash Sales 52.1% More than National Figure
Cash sales represented 42.6% of Broward closed sales in March 2024, compared to 39.9% in March 2023. About 28% 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 55.6% of all Broward existing condo sales and 28.3% of single-family transactions.

 

To access March 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 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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