MIAMI — Sales of single-family homes in Broward County priced at $1 million or more saw a significant increase in the second quarter of 2024, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Venus Proffer, President of BROWARD-MIAMI, commented on the market situation: “Fort Lauderdale real estate and Broward County offer a lifestyle like no other. Buyers from high-tax, high-density states continue to move here.”
$600K to $1M Condo and Single-Family Home Sales in Broward
Sales of condos in Broward priced between $600,000 and $1 million increased by 5.4% year-over-year in Q2 2024, reaching a total of 292 transactions. Likewise, sales of single-family homes in the same price range also grew, with a 6.4% increase to 1,301 transactions.
On the other hand, sales of single-family homes in Broward priced at $1 million or more saw a remarkable 20% rise in Q2 2024, reaching 673 transactions.
General Market Trends
Overall, the real estate market in Broward experienced a slight decline in single-family home sales, with a 0.2% drop in Q2 2024, from 3,590 to 3,583 transactions. Condo sales also decreased by 12.9%, from 4,297 in Q2 2023 to 3,744 in Q2 2024.
June 2024 was particularly challenging, with a general decline in sales by 18.9%, decreasing from 2,722 to 2,206 transactions. Single-family home sales fell by 9.4%, from 1,256 to 1,138, while condo sales dropped by 27.1%, from 1,466 to 1,068.
Factors Influencing the Market
This downward trend is mainly attributed to high mortgage rates and a lack of inventory, especially for properties priced below $600,000. Additionally, uncertainty related to the upcoming presidential election and new regulatory requirements for condo construction, set to take effect in 2025, are impacting the market.
Source www.miamirealtors.com