By Gay Cororaton, MIAMI REALTORS Chief Economist
Miami-Dade County and Broward County condominium sales jumped in April, crossing positive sales growth after two years of decline. The rebound in sales suggests that the area’s sustained job growth, migration, and positive investor confidence are outweighing the effect of elevated mortgage rates and the initial effect of the new condo safety regulations[1]. The median condominium sales prices rose in both counties, with more than half of areas experiencing price growth.
Sales rose in Miami-Dade County, with sales up in 54% of markets
For the first time, condominium/townhome annual sales also rose 4.5% on a year-over-year basis after two years of year-over-year declines since April 2022.
Sales rose in 54% of Miami-Dade County’s submarkets (of 35 areas with at least 5 sales) including major markets like Miami Beach (+8%), Sunny Isles (+36%), Coral Gables (+69%), Aventura (+2%), and Cutler Bay (+89%).
The median condominium/townhome sales price rose 7.0% year-over-year to $444,000, an unbroken pace of growth since June 2019. The median sales price rose in 77% of areas (of 35 areas with at least five sales) in April 2024, with double-digit growth in 63% of markets such as Miami Beach (+34%), Sunny Isles Beach (+30%), Aventura (10%), and Doral (22%).
Sales rose in Broward County, with sales up in 60% of markets
In Broward County, condominium/townhome sales also rose for the first time in April 2024 after two years of decline, up 2.4% year-over-year. Sales rose in 60% of Broward County’s submarkets (of 25 areas with at least 5 sales in April 2024) with double-digit pace in markets like Dania Beach (+84%), North Lauderdale (+71%), Davie (+61%), and Hollywood (+36%).
County-wide, the median sales price rose 4.6% year-over-year to $282,500, with prices up in 52% of areas led by Hillsboro Beach (+46%), a high-end area. On the other hand, the median sales price fell in less affordable markets like Hollywood (-2%), Hallandale Beach (-4%), Fort Lauderdale (-4%), and Lauderdale-by-the-Sea (-10%) as inventory rose to over 6 months’ supply.
But sales fell in Palm Beach as sales fell in 58% of areas
However, condo/townhome sales fell in Palm Beach County by 1.1% on a year-over-year basis as sales fell in 58% of areas (19 areas with at least 5 sales). However, high-end markets bucked the overall decline, like Highland Beach (+90%), Jupiter (+64%), Juno Beach (50%), and Boca Raton. Sales also rose in more affordable markets like West Palm Beach (11%) and Lake Worth (42%).
County-wide, the median sales price rose 12.2% year-over-year to $340,000, with the median sales price up in 47% of markets led by South Palm Beach (+52%) and Boca Raton (+47%). Luxury markets had some of the largest price declines led by Palm Beach (-33%) along with Highland Beach (-9%) and Jupiter (-5%) due to inventory buildup. Luxury markets also experience significant price volatility depending on the mix of luxury home transactions.
Download the Southeast Florida April 2024 report below.
[1] The Building Safety Act requires milestone inspections for buildings three stories or taller every 30 years (25 years if within 3 miles of a coastline) and 10 years thereafter, and it also requires the completion of a study of structural integrity reserve funds for future major repairs by December 31, 2024. These changes, though necessary, can lead to higher association fees and assessments. See Fla. Legislature Approves Condo Safety Changes | Florida Realtors
