Median Sale Prices at Record Highs for both Single Family and Condos
February sales volume was up month over month and year over year to kick off the winter buying season in South Florida. Median sale prices and inventory followed suit with both key metrics up year over year. Interest rates are also up slightly from the beginning of the year with the 30 year fixed rate averaging just below 7%. Buyers are still getting used to higher interest rates and affordability will continue to be a problem as long as inventory remains low.
Single family home sales were up 3.4% over last year, but still well below average volume. The median sale price of a single family home in the tri-county area was up 14% reaching a new record high of $630,000. Months supply of single family homes was up slightly, but remains very low at on 4.2 months of supply. This is still a strong seller’s market.
Condo sales in South Florida remain well below average and are down 4.6% from last February. However, the median sale price for condos and townhomes is back up to $340,000 matching the all time high. Prices are holding steady despite inventory levels rising to 7%. This is an equilibrium market, not really favoring buyers or sellers.
Condo inventory is up to 7.0 months of supply. This is an equilibrium market, not really favoring buyers or sellers.
Broward County
The median sale price for a single family home in Broward County is up 12% to $625,000. This is a record high and a significant increase from $575,000 just last month. Median price increases are mostly due to the luxury market over $1,000,000 where sales volume was up over 30%. We don’t expect median prices to continue on that trajectory, but with inventory levels still low we don’t expect prices to come down either. Inventory is up slightly from last year, but still very low at 3.8 months of supply. Broward has the lowest level of single family inventory in South Florida and it’s not recovering fast enough to provide any relief for buyers.
Condos and townhomes experienced a similar price hike with median sale prices up 6.6% over last year, reaching a new record high of $290,000. Inventory levels have increased steadily every month since April of 2022, but recently they spiked from 5.3 months of supply in December to 6.8 months of supply in February. With many older condominium buildings under repair, buyers are hesitant to purchase until work is complete and the major assessments are paid for. For the same reason sellers may be anxious to get out.
Both single family homes and condos in Broward County reached new record high median prices at $625,000 and $290,000 respectively.
Broward County, Florida includes the coastal communities of Fort Lauderdale, Pompano Beach, Lauderdale-by-the-Sea, Lighthouse Point, Hillsboro Beach and Deerfield Beach.
Palm Beach County
The median sale price of a single family home in Palm Beach County in February was up to $615,000, just below the high of $625,000 last June. Just like the rest of South Florida, single family inventory in the Palm Beaches remains low at 4.4 months of supply. This is still a strong seller’s market.
The median sale price for condos and townhomes is up 4.7% to $314,000 and just below the record of $325,000. Condo and townhome inventory has spiked in recent months to 6.3 months of supply. This is up significant jump from 2 months ago when inventory was only 4.9 months. This is neither a buyer’s or seller’s market.
Single family inventory in Palm Beach County remains very low and is still a strong seller’s market.
Palm Beach County, Florida includes the coastal communities of Boca Raton, Delray Beach, Boynton Beach, Lantana, Manalapan, West Palm Beach, Singer Island, North Palm Beach, Juno Beach and Jupiter.
Miami-Dade County
The median sale price of a single family home in Miami Dade County spiked 17% to $650,000. Just like Broward and Palm Beach, this is a new record high for homes in Miami. Inventory remained flat at 4.4 months of supply. This is a strong seller’s market.
The median price for condos and townhomes in Miami Dade County is back up to its record high of $420,000. Miami has the highest inventory in South Florida at 7.8 months of supply, but median sale prices are still holding strong through the winter season.
Median condo prices are back to their all time high of $420,000 despite almost 8 months of supply.
Miami-Dade County includes the coastal communities of Miami, Miami Beach, Sunny Isles Beach, Golden Beach, Bal Harbour, Surfside and Key Biscayne.
Summary
February is normally the start of our busy winter season and this year is no different. Prices remain high with low inventory and strong seasonal buyer demand. We are still experiencing a strong seller’s market in most categories, especially the single family home markets. The one outlier would be the older condominium buildings where inventory is closer to equilibrium and savvy buyers are finding some deals. Inventory levels are creeping up across the entire market, but not fast enough to provide any relief to buyers struggling with affordability.
For a detailed market analysis of your condo or single family home, or for professional assistance with your home search in South Florida please contact one of our local trusted agents.
