February 2024 South Florida State of The Real Estate Market

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Analyzing the latest South Florida Real Estate Dynamics for Single Family Homes and Condos

How is the Miami Real Estate Market Performing as of February 2024?

Single Family Homes: The median sale price rose to $650,000, marking a significant 17% increase year-over-year (YoY).

Condos/Townhomes: The median sale price is now $420,000, showing a steady 8% climb YoY.

As we review the real estate market for February 2024, South Florida's landscape reflects significant growth and investment opportunities. The median sale price for single-family homes in Miami-Dade County has surged by 17%, indicating a robust and growing market. The condo and town home market, with an 8% increase in median sale price, shows resilience and continued interest among buyers.

Miami-Dade Market Dynamics: Contract Timelines and Efficiency

The market dynamics reveal that single-family homes are contracting at a swift pace, now taking a median time of 35 days, which represents a 24% decrease in time YoY. Conversely, condos and townhomes are seeing an increase in the median time to contract, now at 49 days, signifying a 9% rise YoY.

Analyzing Miami-Dade Inventory Trends

Inventory trends in Miami-Dade showcase a divergence in availability. For single-family homes, the inventory stands at 4.4 months, which is a 16% increase YoY, suggesting a move towards a more balanced market. The condo and townhome segment, however, reports 7.8 months of inventory, a significant 73% climb YoY, providing ample choices for potential buyers.

Cash Deals: The Prevailing Trend

Cash transactions continue to be prominent in the Miami-Dade market. There's a slight increase in single-family home cash purchases to 29.1%, and a more noticeable prevalence in the condo market with 54.9% of transactions being paid in cash, highlighting the enduring strength and liquidity of the market.

How is the Fort Lauderdale/Broward County Market doing? 

Exploring the state of the real estate market in Broward County this February reveals a consistent pattern of growth and changing market dynamics. With single-family homes reaching a median sale price of $625,000, there's a notable 12% increase year over year. Condos and townhomes also show positive movement with a 7% rise in median sale price to $290,000.

Market Efficiency in Broward: A Closer Look at Time to Contract

In the landscape of Broward County's real estate, the time to contract for single-family homes is averaging at 40 days, reflecting a slight 5% decrease year over year. The condo and townhome market, however, presents a contrasting picture with the time to contract at 43 days, marking a substantial 48% increase YoY.

Navigating Broward's Inventory Levels

The inventory for single-family homes in Broward County is currently at 3.8 months, a significant 36% increase from the previous year, suggesting a market leaning towards more balance. The condo and townhome sector shows a dramatic 113% rise in inventory levels to 6.8 months, offering a range of options for buyers.

The Significance of Cash Transactions in Broward

Cash purchases in Broward County remain a strong component of the market. For single-family homes, 28% of transactions were made in cash, a slight 1% drop YoY. The condo market, however, saw an increase to 58.2% in cash sales, illustrating a robust 4% growth year over year.

What will happen to prices in the future? 

When looking at the previous month's trends, and the increase in activity for people searching to buy coupled with the lack of inventory of move-in ready type of desirable properties, it is our interpretation that prices might continue to increase through the rest of the year. There is a chance that during the summer months the market takes a lull like it generally tends to do, but with the amount of buyers waiting in the sidelines for rates to drop and more and more of them coming to accept that 6% is the new 3%, and we will likely never see rates that low in those 2-3% ranges, there will likely be a flood of buyers jumping into the pool when rates dip even if it is a slight decrease. This will in turn continue to fuel demand, and prices should steadily continue to increase, particularly in specific parts of town. 

 

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