South Florida home sales inch up, condo sales fall - South Florida Business Journal (2024)

The South Florida housing market was mixed in May, with single-family home sales up slightly while condo sales fell considerably, according to the Florida Realtors.

Inventory levels are growing for both single-family homes and condos, but the overhang of for-sale units is greater for condos, pushing it toward a buyer’s market. A large amount of condos on the market are in older buildings that are at greater risk of special assessments and higher maintenance fees to comply with new state laws on maintaining older buildings.

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Single-family home sales in the tri-county area increased 1% to 3,790, compared to the same month a year ago. The median sales price grew 4.9% to $640,000 – falling short of the record $650,000 price set in April.

Statewide, single-family home sales inched down 0.5% to 26,252 while the median sales price increased 1.6% to $426,581.

For South Florida’s condo/townhouse market, sales fell 10.6% to 3,763. The median sales price climbed 7.6% to $355,000.

Throughout Florida, condo/townhouse sales declined 8.6% to 10,415 while the median sales price rose 1.5% to $330,000.

"While sales growth remains sluggish, with new listings still climbing compared to a year ago, inventory levels are still rising at the statewide level," stated Florida Realtors Chief Economist Brad O'Connor. "Now, noted – we are seeing a decent amount of variation at the county level, and even within several counties, when we drill down to the zip code level. Some parts of the state, like most of South Florida, still have inventory levels below what was typical from, say, 2014 through 2019, leading up to the pandemic.”

Miami-Dade County

In Miami-Dade County, single-family home sales increased 6% to 1,102 while the median sales price grew 4.8% to $650,000, according to the Miami Association of Realtors. In the luxury market, sales of homes for at least $1 million climbed 16.4%. Active listings jumped 31%, so the supply of inventory at the current sales pace increased to 4.4 months. That’s a seller’s market, with a relatively low amount of inventory for sale.

Condo/townhouse sales dropped 5.6% to 1,295 while the median sales price increased 2.4% to $425,000. The picture was slightly better in the luxury market, with sales of $1 million-plus units increasing 1.6%. Active listings soared 50%, so the supply of inventory at the current sales pace increased to 8.6 months. That’s a buyer’s market, with a relatively high amount of inventory compared to buyer demand.

“The price appreciation reflects the rising share of million-dollar home sales and the competition for lower priced homes,” stated Gay Cororaton, chief economist of the Miami Realtors. “I don’t foresee this appreciation abating with mortgage rates heading towards a quarter percent below 7% by the end of 2024 and a quarter percent below 6% by the end 2025, boosted by the entry of frustrated buyers from the past three years.”

Broward County

Sales of single-family homes in Broward County inched down 0.2% to 1,249 while the median sales price grew 6.8% to $625,000, according to the Broward, Palm Beaches & St. Lucie Realtors. The luxury market was much stronger, with sales of homes for at least $1 million jumping 23.7%. Active listings surged 60%, so the supply of inventory at the current sales pace increased to 4.3 months. That’s still a seller’s market.

Broward sales of condos/townhouses declined 12.2% to 1,334 while the median sales price increased 4.4% to $282,000. The luxury market took a hit, as sales of $1 million-plus units fell 15%. Active listings more than doubled with a 101% jump, so the supply of inventory at the current sales pace increased to 7.6 months. That’s a fairly balanced market between buyers and sellers.

Palm Beach County

Single-family home sales in Palm Beach County dropped 1.4% to 1,439 while the median sales price grew 3.6% to $645,000, according to the Broward, Palm Beaches & St. Lucie Realtor. In the luxury market, sales of home for $1 million and up increased by 4.6%. Active listings jumped 45%, so the supply of inventory at the current sales pace increased to 4.4 months. That’s still a seller’s market.

Sales of condos/townhouses plummeted 13.8% to 1,134 while the median sales price climbed 14.9% to $340,000. The luxury market was impacted as well, with sales of $1 million-plus units dipping 3.4%. Active listings soared 80%, so the supply of inventory at the current sales pace increased to seven months. That’s a fairly balanced market between buyers and sellers.

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