MIAMI — Broward County $1 million and up condominium sales increased year-over-year in February 2025, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Broward $1M & up condo sales increased 5.6% year-over-year in February 2025.
“South Florida continue to outperform national averages,” 2025 BROWARD-MIAMI President Larry Singh said. “This region is resilient, impactful, and continues to attract investors and residents. It is the greatest place to live, and I am proud to call it home.”
South Florida real estate is high cash, high equity and high demand:
- West Palm Beach ranked No. 1 in the U.S. for Most All-Cash Sales in 2024, posting a share of 49.6% for all-cash purchases. Fort Lauderdale (38.9%) and Miami (38.1%) ranked No. 4 and No. 5, respectively, according to
- Miami-Dade County ranks No. 5 in the U.S. for most equity-rich homes with a share of 64.4%, via new data from ATTOM. Equity rich is defined as having a loan-to-value (LTV) ratio of 50% or lower.
- Realtor.com ranked Miami-Fort Lauderdale-Pompano Beach, FL as the No. 2 Top Housing Market in the U.S. for 2025, forecasting a 24% year-over-year increase in sales and a 9% increase in median sale prices for 2025.
Broward Condominium Sale Prices Have Appreciated 141% in the Last 10 Years
Broward condo prices have risen 140.7% from February 2015 to February 2025, from $128,050 to $275,000.
Existing condo median prices decreased 5.2% year-over-year in February 2025, from $290,000 to $275,000.
Broward County single-family home median sale prices decreased 2.4% year-over-year in February 2025, from $625,000 to $610,000.
Broward single-family prices have risen 114% from February 2015 to February 2025, from $285,000 to $610,000.
South Florida Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
South Florida’s home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased in Q3 2009 and sold in Q3 2024 are: Miami-Dade County at $542,175 versus the U.S. average at $310,232, according to new MIAMI REALTORS® Research.
Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.
Despite the increase in prices, Miami remains a value in comparison to other global cities. In Miami, $1M nets you at least 60 square meters of prime property, according to the 2024 Knight Frank The Wealth Report. This is much higher than other global cities: Sydney, Australia ($1M only purchases 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).
$1M & Up Broward Condo Sales Rise
Broward $1M & up condo transactions increased 5.6% year-over-year in February 2025 to 38 transactions. Broward $600K to $1M condo sales increased 14.5% year-over-year in February 2025 to 63 deals.
Broward County total sales decreased 12.4% year-over-year in February 2025, from 1,817 to 1,591. Macroeconomic reasons out of South Florida’s control such as elevated mortgage rates, a slumping stock market, lack of condo financing and lack of inventory at key price points are reasons for the decline.
Broward single-family home sales decreased 3.5% year-over-year (from 831 to 802).
Broward Condo Sales Remain on Pace with State, Nation
Broward total existing condo sales, which are on pace with the state and nation, decreased 20% year-over-year in February 2025, from 986 to 789. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans. Florida is the only state in the U.S. that requires a client to put down 25% for a limited review if the condo building doesn’t have enough in reserves. The requirement for every other state is 10%.
As a leader in advocacy, MIAMI REALTORS® is working with the Legislature to support our market. MIAMI brought together lawmakers, top experts and more for a sold-out Condo Summit on Feb. 14 that empowered REALTORS® with the latest knowledge and tools.
Mortgage Rates Remain Volatile as Fed Keeps Rates Steady
The Fed will likely keep rates steady until at least the summer.
“The million-dollar market segment continues to be the strongest segment,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “However, with mortgage rates now edging lower and likely to continue to decline to the low 6% by the end of the year, we could see more transactions activity across price segments. More inventory of homes for sale is also giving buyers more negotiating power.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.65% as of March 13. That’s up from 6.63% one week ago but down from 6.74% one year ago.
Broward Condo Active Listings Below Pre-Pandemic
Total active listings at the end of February 2025 increased 41.2% year-over-year, from 12,071 to 17,048, but not enough to make up for the lack of inventory.
Inventory of single-family homes increased 37.4% year-over-year in February 2025 from 3,901 active listings last year to 5,361 last month.
Condominium inventory increased 43% year-over-year in February 2025, from 8,170 to 11,687 listings during the same period in 2024, but the total is still below pre-pandemic.
Broward new condo listings decreased 2.9% year-over-year in February 2025, from 2,482 to 2,410.
Months’ supply of inventory for single-family homes is 5.3 months, which indicates a seller’s market. Inventory for existing condominiums is 11.4 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of February was 1.24 million units, up 5.1% from January and 17% from one year ago (1.06 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, identical to January and up from 3.0 months in February 2024.
$205 Million in Local Economic Impact
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $129,000, according to NAR. Broward sold 1,591 homes in February 2025 for a local economic impact of $205 million.
Broward total dollar volume totaled $974 million in February 2025, down 10.4% vs. February 2024. Single-family home dollar volume decreased 6.78% year-over-year to $671 million. Condo dollar volume decreased 17.95% year-over-year to $299 million.
Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 1% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, versus 0.7% in February 2024.
Short sales and REOs accounted for 0.1% and 0.9%, respectively, of total Broward sales in February 2025.
Broward’s percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 3% of sales in February 2025, virtually unchanged from December and the previous year.
National, State Statistics
In Florida, closed sales of single-family homes statewide totaled 19,040 in February 2025, down 7% year-over-year, while existing condo-townhouse sales totaled 6,503, down 13%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – progressed 4.2% from January to a seasonally adjusted annual rate of 4.26 million in February. Year-over-year, sales slid 1.2% (down from 4.31 million in February 2024).
The statewide median sales price for single-family existing homes was $415,000, even from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $315,000, down 3.1% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in February was $398,400, up 3.8% from one year ago ($383,800). All four U.S. regions registered price increases.
Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95.9% in February 2025. The median percent of original list price received for existing condominiums was 92.1%.
The median number of days between listing and contract dates for Broward single-family home sales was 49 days, up from 40 days last year. The median time to sale for single-family homes was 84 days, up from 76 days last year.
The median number of days between the listing date and contract date for condos was 67 days, up from 43 days. The median number of days to sale for condos was 105 days, up from 81 days.
Broward Cash Sales More than National Figure
Cash sales represented 40.9% of Broward closed sales in February 2025, compared to 44.5% in February 2024. About 32% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 55.8% of all Broward existing condo sales and 26.4% of single-family transactions.
To access February 2025 Broward Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 105 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 281 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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