MIAMI — Broward County $1M & up condominium sales increased in August 2024 versus pre-pandemic numbers, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Broward $1M & up condo transactions increased 100% year-over-year in August 2024 versus pre-pandemic August 2019, from 13 to 26.
“The quality of life in Broward County and Fort Lauderdale real estate is unparalleled and the Fed’s first rate cut in four years will only spur more buying activity,” BROWARD-MIAMI President Venus Proffer said.
Broward Condominium Prices Have Appreciated 129% in the Last 10 Years
Broward County single-family home median prices increased 1% year-over-year in August 2024, increasing from $600,000 to $606,000.
Broward single-family prices have risen 108.9% from August 2014 to August 2024, from $290,000 to $606,000.
Broward condo prices have risen 129.2% from August 2014 to August 2024, from $120,000 to $275,000.
Existing condo median prices stayed even in August 2024 at $275,000.
Miami Again Ranks No. 1 in the Nation in Home Price Appreciation in September 2024
Miami continues to rank No. 1 in the U.S. in home price appreciation, according to the September 2024 Core Logic Home Price Insights.
Miami’s home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased in Q1 2009 and sold in Q1 2024 are: Miami-Dade County at $533,955 versus the U.S. average at $287,111, according to MIAMI REALTORS® analysis assuming 10% downpayment and more.
Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.
Despite the increase in prices, Miami remains a value in comparison to other global cities. In Miami, $1M nets you at least 60 square meters of prime property, according to the 2024 Knight Frank The Wealth Report. This is much higher than other global cities: Sydney, Australia ($1M only purchases 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).
Broward $400K to $600K Single-Family Home Sales Rise
Broward $400K to $600K single-family home sales increased 1.5% in August 2024.
Broward single-family sales decreased 1.4% year-over-year, from 1,178 to 1,161. Broward total sales decreased 5.8% year-over-year, from 2,410 to 2,270.
Broward $1M & Up Condo Sales Surge Above Pre-Pandemic Numbers
Broward $1M & up condo transactions increased 100% in August 2024 versus pre-pandemic August 2019, from 13 to 26.
Broward total existing condo sales decreased 10% year-over-year in August 2024, from 1,232 to 1,109. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,366 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 25 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 1.1% of South Florida condo buildings are approved for FHA loans.
Mortgage Rates Hit a New 19-Month Low as Fed Makes Large Reduction on Wednesday
Mortgage rates hit a new 19-month low on Sept. 16, declining to 6% on average, the cheapest level since early 2023. Rates declined in anticipation of the Federal Reserve’s first rate cut in four years, which occurred on Wednesday. The Fed cut rates by half a percentage point, an unusually large reduction, in its fight against inflation.
“Mortgage rates could drop to as low as 5% by the end of 2025,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Given the pent-up demand in the past two years, a double-digit rebound in sales and stronger price appreciation particularly in the single-family market are in the bag for 2025.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.2% as of September 12. That’s down from 6.35% one week ago and 7.18% one year ago.
Broward Condo Active Listings Are Below Historical Average
Total inventory is still down 11.7% from the historical average for Broward. The monthly historical average for Broward existing inventory is 15,411 and current inventory is at 13,794.
Total active listings at the end of August increased 83.2% year-over-year, from 7,528 to 13,794.
Inventory of single-family homes increased 59.1% year-over-year in August 2024 from 2,893 active listings last year to 4,604 last month.
Condominium inventory increased 98.3% year-over-year from 4,635 to 9,190 listings during the same period in 2023, but the total is still below the historical and pre-pandemic average.
Months’ supply of inventory for single-family homes is 4.5 months, which indicates a seller’s market. Inventory for existing condominiums is 8.3 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 August was 1.35 million units, up 0.7% from July and 22.7% from one year ago (1.1 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, up from 4.1 months in July and 3.3 months in August 2023.
Migration Bolstered South Florida’s Household Income by $10 Billion
Migration bolstered Southeast Florida’s aggregate household income by at least $10 billion in 2022, according to the latest most available Internal Revenue Service migration data after a new Miami Association of REALTORS® (MIAMI) analysis.
In Miami-Dade County, the average adjusted gross income of households who moved to the county (total adjusted gross income of movers divided by number of tax returns) was $175,600, which is 78% higher than the average income of households who left the county ($98,800) and 79% higher than the income of households who lived in the same county ($98,100).
Miami ranks No. 1 in the U.S. in luxury residential market price growth, via Knight Frank’s 2024 Wealth Report. The same publication also ranked Miami among the Emerging Wealth Hubs. Miami is also ranked the No. 4 U.S. City for Millionaire Growth Rate over the Past Decade (75% increase), according to Henley & Partners and New World Wealth 2024 report.
Broward Real Estate Posts $279 Million Local Economic Impact in August 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 $123,000, according to NAR. Broward sold 2,270 homes in August 2024 for a local economic impact of $279 million.
Broward total dollar volume totaled $1.3 billion in August 2024. Single-family home dollar volume increased 5.08% year-over-year to $894 million. Condo dollar volume decreased 10.96% year-over-year to $370 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 1.1% in August 2023.
Short sales and REOs accounted for 0.04% and 0.7% year-over-year, respectively, of total Broward sales in August 2024.
Broward’s percentage of distressed sales are equal to the national figure. Nationally, distressed sales represented 1% of sales in xxxxx 2024, virtually unchanged from last month and the prior year.
State and National Statistics
In Florida, closed sales of single-family homes statewide totaled 22,675 in August 2024, down 1.1% year-over-year, while existing condo-townhouse sales totaled 7,898, down 14.9%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales transactions that include single-family homes, townhomes, condominiums and co-ops – descended 2.5% from July to a seasonally adjusted annual rate of 3.86 million in August. Year-over-year, sales retracted 4.2% (down from 4.03 million in August 2023).
The statewide median sales price for single-family existing homes was $411,638, down 0.8% 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 $310,000, down 4.3% vs. last year. 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 August was $416,700, up 3.1% from one year ago ($404,200). 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 95.9% in August 2024. The median percent of original list price received for existing condominiums was 93.8%.
The median number of days between listing and contract dates for Broward single-family home sales was 32 days, up from 23 days last year. The median time to sale for single-family homes was 73 days, down from 62 days last year.
The median number of days between the listing date and contract date for condos was 56 days, up from 26 days. The median number of days to sale for condos was 69 days, up from 99 days.
Broward Cash Sales More than National Figure
Cash sales represented 33.9% of Broward closed sales in August 2024, compared to 38.1% in August 2023. About 26% 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 47.3% of all Broward existing condo sales and 21.1% of single-family transactions.
To access August 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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