South Florida Real Estate Market Report December 2024
I hope this message finds you well. As we continue to navigate the South Florida real estate market, I am pleased to provide you with a comprehensive analysis of the latest trends and key statistics for December 2024 across Broward, Miami-Dade, and Palm Beach counties. This report will help you better understand the current market conditions, whether you are considering buying, selling, or investing in the region.
Overall Market Insight: South Florida’s real estate market is moving towards greater equilibrium, with single-family homes seeing faster turnover and improved conditions.
Condos are gradually improving but still offer opportunities for buyers due to higher inventory levels. Sellers should adjust pricing to align with market conditions to maintain momentum.
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Condos:
- Closed Sales: 332, showing a slight increase from November.
- New Listings: 1734, still high but decreased compared to November.
- Months of Inventory: 44.50 months, indicating a persistent buyer’s market.
- Median Sold Price: $230,000, reflecting a slight decrease.
- Median Active Price: $260,000, slightly lower than November.
- Median DOM: 71, indicating continued slow activity.
- Closed Sales: 527, a significant increase from November.
- New Listings: 1312, reduced from November levels.
- Months of Inventory: 17.75 months, showing signs of improvement.
- Median Sold Price: $611,520, a slight increase.
- Median Active Price: $759,900, steady compared to November.
- Median DOM: 46, indicating faster turnover than November.
Broward County is showing improved activity in single-family homes, while condos remain sluggish with a prolonged buyer's market.
- Closed Sales: 661, a significant increase compared to November.
- New Listings: 1823, similar to the previous month.
- Months of Inventory: 17.32 months, indicating a buyer's market but with improvements.
- Median Sold Price: $410,000, a slight decline.
- Median Active Price: $539,000, steady compared to November.
- Median DOM: 74, a marginal increase.
- Closed Sales: 783, a sharp increase.
- New Listings: 1267, lower than November.
- Months of Inventory: 7.37 months, indicating a balanced-to-seller’s market.
- Median Sold Price: $685,000, slightly higher than November.
- Median Active Price: $850,000, holding steady.
- Median DOM: 49, showing quick sales activity.
Miami-Dade’s single-family home market continues to strengthen, with condos also improving significantly in sales but remaining in a buyer’s market overall.
- Closed Sales: 395, a notable increase from November.
- New Listings: 1136, significantly reduced.
- Months of Inventory: 18.70 months, showing a more balanced market trend.
- Median Sold Price: $255,000, a slight increase.
- Median Active Price: $289,000, marginally higher.
- Median DOM: 77, reflecting slower sales activity.
- Closed Sales: 835, a significant jump from November.
- New Listings: 1270, lower than the prior month.
- Months of Inventory: 8.11 months, firmly in a balanced market.
- Median Sold Price: $653,000, slightly reduced.
- Median Active Price: $839,000, steady compared to November.
- Median DOM: 39, indicating very fast turnover.
Palm Beach’s market shows strong performance, especially in single-family homes, with condos seeing better balance.
The South Florida real estate market for December 2024 shows overall improvements:
1. Broward County: Single-family homes are performing better, with quicker sales and reduced inventory. Condos, however, remain slow.
2. Miami-Dade County: Strong activity in single-family homes and increasing condo sales signal market stabilization.
3. Palm Beach County: Strong sales in both single-family homes and condos, with balanced inventory and competitive pricing.
If you have any questions or would like to discuss your specific real estate needs, please don't hesitate to reach out. I am here to assist you in navigating these market conditions effectively.
This report is designed to provide you with an expert overview of the current market trends and help you make informed decisions in your real estate endeavors.
Thank you for trusting me with your real estate needs,
