South Florida Real Estate Market Report October 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 October 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.
The South Florida real estate market for October 2024 continues to exhibit a buyer's market trend, particularly for condominiums across all three counties.
Broward County’s condo market, with over 45 months of inventory, heavily favors buyers, while Miami-Dade and Palm Beach show slightly more balance but still lean toward a buyer’s advantage.
Single-family homes across the region are experiencing more robust demand, with lower inventory levels and faster turnover times, though sellers may need to remain flexible with pricing.
For buyers, the condo market presents excellent opportunities for negotiation, while single-family homes may require a more competitive approach.
Sellers, particularly in the condo market, may need to adjust pricing expectations to align with the high inventory levels and longer DOM.
Broward County
Condominium Market
Analysis:
The condo market in Broward County continues to favor buyers, with an elevated months of inventory at 45.06. The high DOM at 71 days indicates slower market movement, which, combined with the high inventory,
suggests potential for price reductions. The median sold price has increased slightly from the previous month, but the overall market remains sluggish, with sellers needing to adjust expectations to attract buyers.
Analysis:
Broward’s single-family market remains more balanced, with a lower inventory level of 17.91 months compared to condos. The median DOM of 36 days indicates moderate activity, and the median sold price has remained stable.
However, the significant gap between the median active and sold prices implies that sellers may need to be more competitive with pricing to secure quicker sales.
Miami-Dade County
Condominium Market
Analysis:
The Miami-Dade condo market is showing some resilience with an increased median sold price of $400,000. However, the months of inventory at 17.28 suggests that the market remains favorable for buyers.
The median DOM at 54 days reflects a steady pace for well-priced properties, but the gap between sold and active prices may pressure sellers to consider price adjustments.
Analysis:
The single-family home market in Miami-Dade continues to show strong demand, with an inventory level of 8.02 months, suggesting a balanced to slightly seller-favored market.
The median sold price has increased to $672,250, and the relatively low DOM of 38 days reflects a healthy pace. Sellers should still be mindful of pricing to meet buyer expectations, as indicated by the difference between active and sold prices.
Analysis:
The condo market in Palm Beach County shows stable activity, with a median DOM of 33 days indicating faster sales compared to Broward and Miami-Dade.
The months of inventory at 15.93 still favors buyers, but the close alignment between median sold and active prices suggests that sellers are responding to market demand with competitive pricing.
Analysis:
The single-family market in Palm Beach is performing well, with closed sales at 764 and months of inventory at 8.34, indicative of a balanced market.
The median sold price remains steady at $680,000, with properties selling within an average of 43 days. However, the notable difference between active and sold prices suggests that sellers may need to consider adjusting prices for quicker sales.
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,
