ditowins What’s happening with condo sales in Miami and Broward? Look at the changing numbers

Updated:2024-10-14 03:42    Views:170

Latest report on housing sales and prices in South Florida. GETTY READ MORE Condo crisis in South Florida

Aging buildingsditowins, 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, 9:25 AM.

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Aging buildingsditowins, 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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