What’s happening with condo sales in Miami and Broward? Look at the changing numbers
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Condo crisis in South Florida
Aging buildings, new laws and spiraling fees and assessments have affected condominium residents and the real estate market in Miami-Dade and Broward.
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Housing sales and prices in Miami-Dade and Broward counties are rising. But condo woes are dragging down the South Florida real estate market.
Here’s a breakdown of July costs and sales in South Florida from the latest report by the Miami Association of Realtor:
How many condos were sold in South Florida?
Miami-Dade: 1,114 deals, down 2% from July 2023
Broward: 1,132 deals, down 5% from July 2023
What is the median sales price of a condo?
Miami-Dade County: $424,950, about 1% higher than July 2023
Broward County: $272,500, up 3% from July 2023
MORE: Are condo sellers down on their luck? Miami-Dade and Broward feel the pressure on deals
How many single-family homes were sold?
Miami-Dade: 1,008 deals, up 11% year-over-year
Broward: 1,131 deals, up 8% year-over-year
What is the median sale price of a single-family house?
Miami-Dade: $670,000, up 6% from a year ago
Broward: $625,000, up 4% from a year ago
What were total home sales in July?
Miami-Dade: 2,122 sales, up 4% from a year ago
Broward: 2,263 sales, up 1% from a year ago
How many South Florida cash deals?
Miami-Dade: 36%
Broward: 35%
National average: 27%
What is the housing inventory in South Florida?
Miami-Dade: 4.4 months of houses and 9.1 months of condos
Broward: 4.4 months of houses and 8 months of condos
Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.
This story was originally published August 26, 2024 at 9:25 AM.
