MIAMI — Broward County total home sales rose year-over-year as mid-market condo transactions jumped double digits, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the Southeast Florida Multiple Listing Service (SEFMLS).
Broward total home sales climbed 6.1% year-over-year in April 2024, from 2,393 to 2,538.
“Fort Lauderdale real estate and Broward inventory is on the rise from all-time lows and that is leading to more transactions,” BROWARD-MIAMI President Venus Proffer said. “Buyers have more options today as we head into the strongest part of our home-buying season.”
Broward Condo Sales Rise for First Time Since March 2022
Total Broward sales increased 6.1% in April 2024, from 2,393 to 2,538. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume.
Broward single-family home sales increased 10.5% year-over-year in April 2024, from 1,082 to 1,196. Broward existing condo sales increased 2.4% year-over-year, from 1,311 in to 1,342.
The year-over-year rise in Broward condo sales, which had been impacted by a lack of inventory in key price points, is its first since March 2022. The following price buckets for the Miami condo market each had an increase in sales: $250,000 to $300,000 (11.7% sales increase); $300,000 to $400,000 (5.8% sales increase); $400,000 to $600,000 (17.2%); and $600,000 to $1M (5.4%).
Total Broward $1M & Up Transactions Jump 32.2%
Total Broward $1M & up home sales increased 32.2% year-over-year in April 2024, from 205 to 271.
Condo $1M & up transactions decreased 11.76% in April 2024, from 51 to 45. Single-family home transactions increased 46.75%, from 154 to 226.
MIAMI Chief Economist: South Florida’s Strong Job Growth, Migration Boosting Market “We’re seeing a South Florida housing market that is amazingly defying the gravity of rising interest rates, particularly in Miami-Dade, Broward, and St. Lucie.,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Strong job growth, elevated migration, and more cash buyers are mitigating the blow of higher mortgage rates.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.02% as of May 16. That’s down from 7.09% the previous week but up from 6.39% one year ago.
Broward New Listings Nearing Pre-Pandemic Level, Giving Buyers More Options
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 31.41% year-over-year in April 2024, from 3,145 to 4,133.
Broward Inventory is Still Down 16.6% From Historical Average
Total inventory is down 16.6% from the historical average for Broward. The monthly historical average for Broward existing inventory is 15,411 and current inventory is at 12,858.
Total active listings at the end of April increased 81.8% year-over-year, from 7,073 to 12,858.
Inventory of single-family homes increased 52.6% year-over-year in April 2024 from 2,717 active listings last year to 4,146 last month. Condominium inventory increased 100% year-over-year from 4,356 to 8,712 listings during the same period in 2023.
Months’ supply of inventory for single-family homes is 4.0 months, which indicates a seller’s market. Inventory for existing condominiums is 7.4 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 April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. For homes priced $1 million or more, inventory and sales increased by 34% and 40%, respectively, from a year ago.
Broward Real Estate Home Price Appreciation
Broward County single-family home median prices increased 10.4% year-over-year in April 2024, increasing from $575,000 to $635,000.
Existing condo median prices increased 4.6% year-over-year from $270,000 to $282,500.
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 SEFMLS 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 $309 Million Local Economic Impact in April 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 2,538 homes in April 2024 for a local economic impact of $309 million.
Broward total dollar volume totaled $1.5 billion in April 2024. Single-family home dollar volume increased 26.27% year-over-year to $1 billion. Condo dollar volume increased 4.19% year-over-year to $496 million.
Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.8% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.9% in April 2023.
Short sales and REOs accounted for 0.1% and 0.7% year-over-year, respectively, of total Broward sales in April 2024.
Broward’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in April 2024, virtually unchanged from last month and the prior year.
State and National Statistics
In Florida, closed sales of single-family homes statewide totaled 24,682 in April 2024, up 5.8% year-over-year, while existing condo-townhouse sales totaled 10,228, up 1.9%. 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 – slid 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9% (down from 4.22 million in April 2023).
The statewide median sales price for single-family existing homes was $429,900, up 4.9% 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 April was $407,600, an increase of 5.7% from the previous year ($385,800). 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 96.2% in April 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 30 days, down from 27 days last year. The median time to sale for single-family homes was 67 days, even with last year.
The median number of days between the listing date and contract date for condos was 40 days, up from 27 days. The median number of days to sale for condos was 82 days, up from 68 days.
Broward Cash Sales 48.2% More than National Figure
Cash sales represented 41.5% of Broward closed sales in April 2024, compared to 42.4% in April 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 57.5% of all Broward existing condo sales and 23.6% of single-family transactions.
To access April 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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