SOUTH FLORIDA
Home Sales Up, Average Price Up
Home sales are up 0.6% year over year, with July 2024 at 6,439 compared to 6,398 last July. Sales are up for single families, but down for condos & townhomes.
- Single families: 3,126 (2023) | 3,313 (2024)
- Condos & Townhomes: 3,272 (2023) | 3,126 (2024)
Average sale price increased 10.4% year-over-year, now at $782,812 compared to $709,250 in July 2023. Prices increased across all categories.
- Single families: $940,858 (2023) | $1,031,762 (2024)
- Condos & Townhomes: $487,977 (2023) | $518,969 (2024)
Homes Listed For Sale in South Florida:
The number of homes listed is up by 15% when compared to July 2023.
- 2024: 10,112
- 2023: 8,790
- 2022: 11,137
Pending Home Sales in South Florida:
The number of homes placed under contract is down by 6.6% when compared to July 2023.
- 2024: 6,606
- 2023: 7,074
- 2022: 7,484
July 2024 Home Data by County
Housing Data for Broward County, Miami-Dade County, Palm Beach County.
Market data provided by SunStats then compared to the prior year.
What’s Happening in the South Florida Market?
- Active inventory in South Florida continued its ascent in July, now up 67% (combined) when compared to this time last year. The increase in townhouse/condo inventory specifically once again dominates single family inventory gains, up 78% versus 49%, respectively.
- In South Florida, the tight regulatory changes put in place for townhomes/condos specifically have increased expenses (e.g., special assessments, HOA fees, homeowners insurance) for current owners while also putting many associations outside of the budgets of prospective buyers. This combination is leading to more listings, but fewer pending sales, which in turn is raising inventory.
- Lower demand translates to longer time on the market, and we have already been seeing an increase in price adjustments for townhomes/condos as a result. In general, with more options available, less competition, and even with improvements to affordability, the frenzied nature of the market has subsided, so price adjustments across all property types are expected to rise as well.
- Sellers, in this ever evolving market, pricing your home competitively based on recently sold properties, “comps,” will be the best tactic to generate the most demand for your home to get it sold quickly and for the most money.
- Home sales are up slightly overall, and average sale price is up as well for both single families and townhomes/condos. However, as the market continues to adjust to the increased surge of inventory, price appreciation should slow.
- Elevated mortgage rates and rising home prices continue to present a significant strain on buyer affordability. However, mortgage rates in July generally trended downward. Now, per Mortgage News Daily, mortgage rates have been holding steady around 6.5% which should help to improve affordability for active buyers.