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.
For ongoing updates and in-depth analysis of the Broward County real estate market, sign up for our free weekly newsletter for the latest trends and actionable insights.
Visit Miami Association of Realtors for more detailed reports and statistics.