Median Sale Prices at Record Highs for both Single Family and Condos
March is always a busy month for our real estate market, and while closed sales were down from last year, sales activity has steadily increased over the past few months. This is normal for our winter season, but a positive trend nonetheless. However, inventory is a different story depending on which property type you are looking at. Single family home inventory has flattened out since last month, while condo inventory continues to grow. This is due in part to buyer’s hesitancy to buy older condos with ongoing construction, special assessments and increased insurance costs.
Single family home sales were down 12% from last year, but jumped 28% from last month. The luxury home market has gone in the opposite direction with closed sales over $1,000,000 increasing almost 17% from last year. That is more than triple the average pre-pandemic luxury volume. The median sale price of a single family home in South Florida was up 11% over last March, maintaining its record high of $630,000 from the previous month. The winter buyer demand is currently absorbing any excess inventory, leaving single family homes with only 4.2 months of supply.
Despite an increase in condo and townhome activity since January, condo closed sales are still down over 23% from last March. We haven’t seen volume that low in March since 2009. Again, condo buyers are bit hesitant to invest in older buildings until renovation work is complete and special assessments are paid. As a result, inventory continues to grow. We currently have 7.4 months of supply of condos and townhomes. That may seem like a lot compared to recent years, but its actually at equilibrium and lower than pre-pandemic levels. The savvy buyers, with the help of local experienced agents, are finding deals in the condo market.
Condo inventory is up to 7.4 months of supply, which is an equilibrium market and still below pre-pandemic levels. Experienced local agents are helping their buyers to find deals in the condo market.
Broward County
The median sale price for a single family home in Broward County is up 7.4% over last year to $607,000. This is down slightly from last month’s record of $625,000. Inventory continued to creep up to 3.9 months of supply. This is a seller’s market and the lowest single family inventory in the tri-county area.
The median price for condos and townhomes is also up over 7% from last year, despite low volume and increasing supply. Condo inventory is at a comfortable equilibrium of 7.2 months of supply. This is essentially neither a buyer’s or seller’s market.
Broward County has the lowest single family inventory in South Florida with only 3.9 months of supply.
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 reached a record high of $640,000 in March. Single family inventory remains low at only 4.4 months of supply. This is a seller’s market.
The median sale price of condos and townhomes in Palm Beach County also reached a record high of $330,000 in March. Condo inventory is a bit tighter in Palm Beach County with 6.8 months of supply. This is essentially an equilibrium market, not favoring buyers or sellers.
Single family inventory in Palm Beach County remains very low and is still a seller’s market, while condos have reached an equilibrium.
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 remained at its record high of $650,000. Inventory remained flat dropping only slightly from last month to 4.3 months of supply. This is still a seller’s market.
The median price for condos and townhomes in Miami Dade County reached a new record high of $445,000. Condo inventory in Miami continues to climb, reaching 8.2 months of supply. Technically this is a buyer’s market, but you’d never know it based on the large jump in the median sale price.
Despite 8.2 months of supply, which is technically a buyer’s market, the median price of a condo in Miami reached a record high of $445,000.
Miami-Dade County includes the coastal communities of Miami, Miami Beach, Sunny Isles Beach, Golden Beach, Bal Harbour, Surfside and Key Biscayne.
Summary
March is typically one of our busiest months of the year and this year is no different. While sales volume is down market-wide from last year and still below pre-pandemic levels, our median prices continue to rise and inventory levels remain low. The condo market differs slightly from the single family market with inventory levels reaching equilibrium across the tri-county area. Many buyers are shying away from older condos, while savvy buyers and local experienced agents are finding deals in this market. Once condo renovations near completion, we expect an increase in demand and median sale prices. Now is the time to buy, but find an agent who specializes in our local condo market. Their hard work, patience and local knowledge will pay off.
Are you thinking of selling? Every seller situation is different, so its hard to say if now is your best time to sell. For example, if you own a single family home in a tight market and you are considering downsizing to a smaller condo, then now might be a perfect time. Consult with your By The Sea Realty agent to determine your best sell/buy strategy. We utilize a suite of seller tools to help you accomplish your real estate goals. Its starts with our industry leading Cloud CMA.
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.
