Greater Fort Lauderdale Area Home Prices up 10 Percent Annually in April

Greater Fort Lauderdale Area Home Prices up 10 Percent Annually in April

Residential News » Fort Lauderdale Edition | By Michael Gerrity | June 12, 2024 8:49 AM ET

Based on new data from the Miami Association of Realtors, the greater Fort Lauderdale area (Broward County, Florida) total home sales climbed 6.1% year-over-year in April 2024, from 2,393 to 2,538.

Broward single-family home sales increased 10.5% year-over-year in April 2024, from 1,082 to 1,196. Broward existing condo sales increased 2.4% year-over-year, from 1,311 in to 1,342. Total Broward $1M and up home sales increased 32.2% year-over-year in April 2024, from 205 to 271.

In addition, Broward new listings are nearing pre-pandemic levels. This has added to total inventory and is giving home buyers more variety. Broward total new listings increased 31.41% year-over-year in April 2024, from 3,145 to 4,133.

Total inventory is down 16.6% from the historical average for Broward. The monthly historical average for Broward existing inventory is 15,411 and current inventory is at 12,858.

Total active listings at the end of April increased 81.8% year-over-year, from 7,073 to 12,858.

Inventory of single-family homes increased 52.6% year-over-year in April 2024 from 2,717 active listings last year to 4,146 last month. Condominium inventory increased 100% year-over-year from 4,356 to 8,712 listings during the same period in 2023.

Months' supply of inventory for single-family homes is 4.0 months, which indicates a seller's market. Inventory for existing condominiums is 7.4 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Nationally, total housing inventory registered at the end of April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. For homes priced $1 million or more, inventory and sales increased by 34% and 40%, respectively, from a year ago.

Broward County single-family home median prices increased 10.4% year-over-year in April 2024, increasing from $575,000 to $635,000.

Existing condo median prices increased 4.6% year-over-year from $270,000 to $282,500.

Only 0.8% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.9% in April 2023.

Short sales and REOs accounted for 0.1% and 0.7% year-over-year, respectively, of total Broward sales in April 2024.

Broward's percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in April 2024, virtually unchanged from last month and the prior year.

The median percent of original list price received for single-family homes was 96.2% in April 2024. The median percent of original list price received for existing condominiums was 94.6%.

The median number of days between listing and contract dates for Broward single-family home sales was 30 days, down from 27 days last year. The median time to sale for single-family homes was 67 days, even with last year.

The median number of days between the listing date and contract date for condos was 40 days, up from 27 days. The median number of days to sale for condos was 82 days, up from 68 days.

Cash sales represented 41.5% of Broward closed sales in April 2024, compared to 42.4% in April 2023. About 28% 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 57.5% of all Broward existing condo sales and 23.6% of single-family transactions.

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