Broward County Single-Family Home Sales Rise

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MIAMI — Broward County single-family home sales increased year-over-year in October 2024 as $1M & up condo transactions rose, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).

 

Broward single-family home sales climbed 1.8% year-over-year, from 983 to 1,001. $1M and up Broward condo transactions jumped 6.9% year-over-year to 31 transactions.

 

“High-net-worth individuals and top companies continue to relocate to Fort Lauderdale and Broward County because we offer an incredible live, work and play lifestyle,” BROWARD-MIAMI President Venus Proffer said.

 

Broward Condominium Sale Prices Have Appreciated 133% in the Last 10 Years

Existing condo median prices increased 2.7% year-over-year in October 2024, from $272,750 to $280,000.

 

Broward condo prices have risen 133% from October 2014 to October 2024, from $120,000 to $280,000.

 

Broward County single-family home median sale prices increased 7% year-over-year in October 2024, increasing from $575,000 to $615,000.

 

Broward single-family prices have risen 123.6% from October 2014 to October 2024, from $275,000 to $615,000.

 

Miami Again Ranks No. 1 in the Nation in Home Price Appreciation in November 2024

Miami continues to rank No. 1 in the U.S. in home price appreciation, according to the Core Logic US Home Price Insights November 2024

 

Miami’s home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased in Q1 2009 and sold in Q1 2024 are: Miami-Dade County at $533,955 versus the U.S. average at $287,111, according to MIAMI REALTORS® analysis assuming 10% downpayment

 

Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.

 

Despite the increase in prices, Miami remains a value in comparison to other global cities. In Miami, $1M nets you at least 60 square meters of prime property, according to the 2024 Knight Frank The Wealth Report. This is much higher than other global cities: Sydney, Australia ($1M only purchases 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).

 

Broward Single-Family Home Sales Rise

Broward single-family home sales increased 1.8% year-over-year, from 983 to 1,001.

 

Broward total sales decreased 11.9% year-over-year, from 2,135 to 1,882. The decline is due to a 1% recent rise to push mortgage rates north of 7%, uncertainty of the presidential election, lack of inventory at key price points and more.

 

Broward $1M & Up Condo Sales Rise Year-over-Year

Broward $1M & up condo transactions increased 6.9% year-over-year in October 2024 to 31 transactions.

 

Broward total existing condo sales decreased 23.5% year-over-year in October 2024, from 1,152 to 881.

 

The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.

 

The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,374 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 23 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.

 

Just 0.9% of South Florida condo buildings are approved for FHA loans.

 

Mortgage Rates Stay Elevated Despite Fed Cut

Mortgage rates have increased since the Fed’s first rate cut in four years in September. Rates were at 7.08% this week.

 

“With mortgage rates remaining elevated, wealthy buyers continue to drive Southeast Florida’s market growth, with a phenomenal increase in the market share of million-dollar homes since the pandemic,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “However, the area’s strong job growth and the marked presence of wealthy buyers have continued to bolster prices. As we head into 2025,  I now expect to see mortgage rates hovering at over 6% in 2025 given rising inflation expectations, but the presence of wealthier buyers should make this marker more resilient to higher mortgage rates.”

 

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.78% as of November 14. That’s down from 6.79% one week ago and 7.44% one year ago.

 

Broward Condo Active Listings Below Historical Average

Total inventory is still down 4.9% from the historical average for Broward. The annual historical average for Broward existing inventory is 15,411 and current inventory is at 14,655.

 

Total active listings at the end of September increased 61.4% year-over-year, from 9,079 to 14,655.

 

Inventory of single-family homes increased 37.9% year-over-year in October 2024 from 3,478 active listings last year to 4,795 last month.

 

Condominium inventory increased 76% year-over-year from 5,601 to 9,860 listings during the same period in 2023.

 

Months’ supply of inventory for single-family homes is 4.7 months, which indicates a seller’s market. Inventory for existing condominiums is 9.2 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

 

Nationally, total housing inventory registered at the end of October was 1.37 million units, up 0.7% from September and 19.1% from one year ago (1.15 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, down from 4.3 months in September but up from 3.6 months in October 2023.

 

Migration Bolstered South Florida’s Household Income by $10 Billion

Migration bolstered Southeast Florida’s aggregate household income by at least $10 billion in 2022, according to the latest most available Internal Revenue Service migration data after a new Miami Association of REALTORS® (MIAMI) analysis.

 

In Miami-Dade County, the average adjusted gross income of households who moved to the county (total adjusted gross income of movers divided by number of tax returns) was $175,600, which is 78% higher than the average income of households who left the county ($98,800) and 79% higher than the income of households who lived in the same county ($98,100).

 

Miami ranks No. 1 in the U.S. in luxury residential market price growth, via Knight Frank’s 2024 Wealth Report. The same publication also ranked Miami among the Emerging Wealth Hubs. Miami is also ranked the No. 4 U.S. City for Millionaire Growth Rate over the Past Decade (75% increase), according to Henley & Partners and New World Wealth 2024 report.

 

Broward Real Estate Posts $231 Million Local Economic Impact in October 2024
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).

 

The total economic impact of a typical Florida home sale is $123,000, according to NAR. Broward sold 1,882 homes in October 2024 for a local economic impact of $231 million.

 

Broward total dollar volume totaled $1.1 billion in October 2024. Single-family home dollar volume decreased 0.21% year-over-year to $798 million. Condo dollar volume decreased 22.08% year-over-year to $319 million.

 

Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 1% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.7% in October 2023.

 

Short sales and REOs accounted for 0.1% and 0.1% year-over-year, respectively, of total Miami sales in October 2024.

 

Broward’s percentage of distressed sales less than the national figure. Nationally, distressed sales represented 2% of sales in October 2024, virtually unchanged from last month and the prior year.

 

Broward Sales, Price Appreciation Outperforming Nation, State

In Florida, closed sales of single-family homes statewide totaled 18,617 in October 2024, down 15.6% year-over-year, while existing condo-townhouse sales totaled 6,499, down 19.9%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

 

Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – expanded 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales progressed 2.9% (up from 3.85 million in October 2023).

 

The statewide median sales price for single-family existing homes was $415,000, up 1.2% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $315,000, down 2.2% vs. last year. The median is the midpoint; half the homes sold for more, half for less.

 

Nationally, the median existing-home price for all housing types in October was $407,200, up 4.0% from one year ago ($391,600). All four U.S. regions registered price increases.

 

Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95.1% in October 2024. The median percent of original list price received for existing condominiums was 93.7%.

 

The median number of days between listing and contract dates for Broward single-family home sales was 38 days, up from 23 days last year. The median time to sale for single-family homes was 79 days, down from 63 days last year.

 

The median number of days between the listing date and contract date for condos was 56 days, up from 27 days. The median number of days to sale for condos was 93 days, up from 66 days.

 

Broward Cash Sales More than National Figure
Cash sales represented 36.9% of Broward closed sales in September 2024, compared to 40.8% in October 2023. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.

 

Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

 

Cash sales accounted for 50.5% of all Broward existing condo sales and 24.9% of single-family transactions.

 

To access October 2024 Broward Statistical Reports, visit http://www.SFMarketIntel.com

 

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

 

About the MIAMI Association of Realtors®

The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 104 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 279 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com

 

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The post Broward County Single-Family Home Sales Rise appeared first on MIAMI REALTORS®.

 

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