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South Florida Real Estate Market Update for March 2025

South Florida Market Trends (March 2025)

1. Buyer’s Market Dominates for Condos

   • High inventory (6+ months) across all counties, especially in Broward (57.57 months) and Miami-Dade (22.89 months).

   • Longer DOM (67-71 days) suggests slower sales, giving buyers negotiation power.

2. Single-Family Homes Vary by County

   • Miami-Dade & Palm Beach show balanced-to-seller conditions (inventory under 10 months).

   • Broward leans slightly toward buyers with higher inventory (23.82 months).

3. Pricing Trends

   • Active prices are higher than sold prices, indicating sellers may still have elevated expectations.

   • Condos are significantly more affordable than single-family homes, particularly in Broward.

Final Verdict: South Florida remains a mixed market, with condos favoring buyers and single-family homes varying by location. Buyers have opportunities, while sellers must be strategic with pricing and marketing.

Market Overview by County

1. Broward County

Single Family Homes

• Closed Sales: 459

• Median Sold Price: $585,000

• New Listings: 1,884

• Median Active Price: $750,000

• Months of Inventory: 23.82 (High supply, favoring buyers)

• Median Days on Market (DOM): 40

Condos

• Closed Sales: 304

• Median Sold Price: $225,000

• New Listings: 2,209

• Median Active Price: $254,900

• Months of Inventory: 57.57 (Extremely high supply, strong buyer’s market)

• Median DOM: 67

Analysis: Broward County shows a buyer-friendly market, especially for condos, with high inventory and longer selling times. Single-family homes are more balanced but still favor buyers.

2. Miami-Dade County

Single Family Homes

• Closed Sales: 694

• Median Sold Price: $655,000

• New Listings: 1,845

• Median Active Price: $862,500

• Months of Inventory: 9.75 (Moderate supply, slight seller’s advantage)

• Median DOM: 38

Condos

• Closed Sales: 577

• Median Sold Price: $440,000

• New Listings: 2,404

• Median Active Price: $525,000

• Months of Inventory: 22.89 (High supply, buyer’s market)

• Median DOM: 70

Analysis: Miami-Dade single-family homes are moderately competitive, while condos lean toward a buyer’s market with high inventory and slower sales.

3. Palm Beach County

Single Family Homes

• Closed Sales: 846

• Median Sold Price: $698,393

• New Listings: 1,765

• Median Active Price: $848,400

• Months of Inventory: 9.20 (Balanced market, slight seller’s advantage)

• Median DOM: 41

Condos

• Closed Sales: 456

• Median Sold Price: $255,000

• New Listings: 1,487

• Median Active Price: $285,450

• Months of Inventory: 18.93 (Buyer’s market)

• Median DOM: 71

Analysis: Palm Beach single-family homes are relatively strong, while condos have higher inventory, making them favorable for buyers.

Recommendations:

• Sellers: Price competitively, especially for condos. Single-family homes in Miami-Dade & Palm Beach may still command strong offers.

• Buyers: Strong negotiating power, particularly in the condo market. Look for well-priced single-family homes in balanced markets.

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.

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