By Gay Cororaton, MIAMI REALTORS® Chief Economist
Condo price appreciation remains high in Southeast Florida, based on Miami Association of Realtors® (MIAMI) analysis of home sales in the first half of 2024.
The condo law passed in 2022 (SB 4-D) is meant to make condos safe for residents, and buyers need take the future costs of ensuring structural integrity into account. Amid higher mortgage rates and potential assessment fees and higher condominium fees from the new condominium law intended to ensure structural integrity and safety of residents (SB 4-D), condominium sales have fallen at sharper rate than single-family home sales.
However, months’ supply indicate balanced demand-supply conditions and the median percent sales to original list price is 94% to 95%, indicating a healthy market.
Miami-Dade County : 84% of areas have higher median condo/townhome sales prices
84% (27 areas) of 31 municipalities and unincorporated areas (with at least 5 sales/month) had higher median condominium sales prices among January-June 2024 sales compared to one year ago, with onesales com, with 39% (12 areas) posting double-digit price growth that included a mix of low-end and high-end markets like Surfside, Florida City, Sunny Isles, Miami Gardens, Doral, Bay Harbor islands, North Miami Beach, Miami Beach, and Cutler Bay.
County-wide, inventory is equivalent to 8 months’ supply, a balanced market, with 18 areas having 6 months’ supply or less of active inventory on average during the first half. In million-dollar markets like Sunny Isles and Bal Harbour, months’ supply of 12-24 months are not unusual.
Broward County: 80% of areas have higher median condo/townhome sales prices
80% (20 areas) of 25 municipalities and unincorporated areas (with at least five sales/month) had higher median condominium/townhome sales prices in the first half of 2024 from one year ago in submarkets such as Pembroke Pines, Coral Springs, Deerfield Beach, Hollywood, Davie, Fort Lauderdale.
County-wide, inventory is equivalent to 7 months’ supply, a balanced market, with 15 areas having 6 months’ supply or less of active inventory on average ruding the first half.
Palm Beach County: 63% of areas have higher median condominum/townhome sales prices
63% (12 areas) of 19 municipalities and unincorporated areas (with at least five sales/month) had higher median sales prices compared to one year ago based on sales transactions in the first half of 2024 that included submarkets like Boca Raton, West Palm Beach, Delray Beach, Jupiter and Palm Beach Gardens.
County-wide, inventory is equivalent to 7 months’ supply, a balanced market, with, eight areas having 6 months’ supply or less of active inventory.
Martin County and St. Lucie County: 67% of areas have higher median condominum/townhome sales prices
Of six municipalities and unincorporated areas in Martin County and St. Lucie County (with at least five sales/ month), the median condominium/townhome sales prices rose in four of those six areas: Port St. Lucie, Palm City, Port Salerno, and Fort Pierce.
County-wide, inventory is equivalent to 6 months’ supply in Martin County and 8 months’ supply in St. Lucie County, indicating balanced market conditions.
Download the June 2024 Southeast Florida Housing Metrics Report below.
