Broward County Real Estate Market Insights: April 2024

A Positive Shift in Broward Home Sales

According to recent data from the Miami Association of Realtors, the greater Fort Lauderdale area, encompassing Broward County, Florida, has witnessed a notable increase in total home sales. In April 2024, home sales rose by 6.1% year-over-year, climbing from 2,393 to 2,538 homes sold.

Key Statistics in Home Sales:

• Single-Family Homes: Sales surged 10.5%, increasing from 1,082 to 1,196 units.
• Condominium Sales: A modest gain of 2.4% was observed, rising from 1,311 to 1,342 units.
• Luxury Market: Homes priced at $1 million and above saw a significant jump of 32.2%, from 205 to 271 transactions.

Inventory and Listings Overview

Broward County is observing a resurgence in new listings, approaching pre-pandemic levels. This development is instrumental in offering home buyers greater variety:

• Total New Listings: Increased by 31.41%, reaching 4,133 from 3,145 in the previous year.
• Active Listings: At the end of April 2024, total active listings climbed 81.8% year-over-year, from 7,073 to 12,858.

Inventory Status:

• Single-Family Homes: Listings expanded by 52.6%, climbing from 2,717 to 4,146.
• Condos: Inventory doubled, increasing 100% year-over-year, from 4,356 to 8,712 listings.

Market Dynamics

The months’ supply of inventory indicates the current market conditions:

• Single-Family Homes: A supply of 4.0 months suggests a seller’s market.
• Existing Condominiums: The supply is at 7.4 months, resulting in a balanced market.

National Context

Nationally, the total housing inventory by the end of April was 1.21 million units, showcasing a 9% increase from March and a 16.3% boost from April 2023.

Median Prices and Distressed Sales

Price Trends:

• Single-Family Homes: The median price rose by 10.4%, from $575,000 to $635,000.
• Existing Condominiums: Median prices grew by 4.6%, climbing from $270,000 to $282,500.

Distressed Sales:

Only 0.8% of closed residential sales in Broward involved distressed properties, a slight decrease from 0.9% in April 2023. Notably:

• Short Sales: Accounted for 0.1% of total sales.
• REOs: Represented 0.7%.

In contrast, distressed sales nationally were logged at 2%.

Sales Performance Insights

• List Price to Sale Price:

  • Single-family homes received 96.2% of their original listing price.
  • Existing condos achieved 94.6%.
• Time to Contract:
  • For single-family homes, the median time was 30 days, slightly increasing from 27 days.
  • Condos saw a longer median time of 40 days, compared to 27 days last year.

Cash Transactions in Broward

Cash sales accounted for 41.5% of all closed sales in April 2024. This figure reflects South Florida’s strong position as a prime market for foreign buyers, with many opting for cash transactions due to purchasing power from other high-value real estate sales. Specifically:

• Cash sales represented 57.5% of all Broward condo sales.
• 23.6% of single-family transactions were cash-based.

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Visit Miami Association of Realtors for more detailed reports and statistics.