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 November 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.

Broward County

Condos:

    - Closed Sales: 283, indicating slower transaction activity.
    - New Listings: 1872, significantly high compared to closed sales, suggesting an oversupply.
    - Months of Inventory: 49.55 months, showing an extreme buyer's market.
    - Median Sold Price: $245,000.
    - Median Active Price: $264,900.
    - Median DOM: 70, indicating a slow-moving market.

Single Family Homes:

    - Closed Sales: 411, better than condos but still not substantial.
    - New Listings: 1605.
    - Months of Inventory: 22.01 months, still a buyer's market.
    - Median Sold Price: $600,000.
    - Median Active Price: $760,000.
    - Median DOM: 44, indicating slightly quicker sales than condos.
   

Summary:

Broward shows a significant imbalance between supply and demand, with condos particularly oversupplied. Single-family homes are moving a bit faster but still face high inventory levels.

Miami-Dade County

Condos:

    - Closed Sales: 517, reflecting better activity than Broward.
    - New Listings: 2010, indicating ample supply.
    - Months of Inventory: 21.99 months, signaling a buyer's market.
    - Median Sold Price: $419,000.
    - Median Active Price: $540,000.
    - Median DOM: 64, relatively moderate speed.
   

Single Family Homes:

    - Closed Sales: 576, showing strong activity compared to other counties.
    - New Listings: 1433.
    - Months of Inventory: 10.03 months, a balanced market trend.
    - Median Sold Price: $667,500.
    - Median Active Price: $859,000.
    - Median DOM: 42, indicating quick turnover.
   

Summary:

Miami-Dade displays stronger demand and activity compared to Broward, with single-family homes near equilibrium and condos experiencing slightly higher supply than demand.

Palm Beach County

Condos:

    - Closed Sales: 312, fairly active for the area.
    - New Listings: 1441.
    - Months of Inventory: 22.73 months, reflecting oversupply.
    - Median Sold Price: $251,000.
    - Median Active Price: $285,900.
    - Median DOM: 61, moderate activity.
   

Single Family Homes:

    - Closed Sales: 607, the highest among all counties.
    - New Listings: 1529.
    - Months of Inventory: 10.79 months, indicating balanced conditions.
    - Median Sold Price: $665,000.
    - Median Active Price: $829,900.
    - Median DOM: 43, indicating faster sales.
   

Summary:

Palm Beach is showing robust activity, especially in single-family homes. Inventory levels are more balanced, but condos face higher supply.

Overall Conclusion:

    The South Florida market for November 2024 shows varying trends across counties:

    1. Broward County: Struggling with oversupply, particularly in condos. Sellers need to be prepared for extended market times.
    2. Miami-Dade County: Better demand, with single-family homes nearing equilibrium, while condos lean toward a buyer's market.
    3. Palm Beach County: The strongest overall performance, with relatively balanced conditions in single-family homes.
   
Overall Market Insight:

South Florida’s real estate market leans toward a buyer's market for condos due to high inventory levels, but single-family homes are showing signs of stability and quicker sales.

Sellers need to price competitively to attract buyers.

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,