HEADLINES
New Florida law roils Its Condo Market three years after Surfside Collapse. More units are being dumped on the market because of six-figure special assessments tied to repairs for older buildings.
May 2024
South Florida condo owners are dumping their homes after getting slapped with six-figure special assessments.
June 2024
‘Going to go broker’: Condo owner hit with $224K assessment.
June 2024
CONDO CRISIS COMING TO SOUTH FLORIDA
Total
Active Condo
Listings in Miami-Dade, Broward & Palm Beach Counties
Source: MLS
Pre-Covid Avg. Total Active Listing: 22,000 8,497 8,353 12,551 16,684 18,704 20,293
Total
Active Condo Listings in Miami-Dade, Broward & Palm Beach Counties By Age
Source: MLS
Breakdown by County:
Miami-Dade: 588
Broward: 66
Palm Beach: 55 709
Miami-Dade: 1,088
Broward: 321
Palm Beach: 379
Breakdown by County:
5,166
Less than 10 Years 812
Q1-2024 Q2-2024
Breakdown by County: 10-30 Years
17,796
15,759
Q1 vs Q2 Total Active Condo Listings in Miami-Dade, Broward, Palm Beach Counties for Condos Less than 10 Years Old
Source: MLS
Breakdown by County:
Miami-Dade: 588
Broward: 66
Palm Beach: 55
812 709
Q1-2024 Q2-2024
Condos 10 Years Old or Less
Total Sold in Q2-2024 713
Total Listings Added 610
Estimated Months of Inventory: 237 3-6 Months
Avg Sales P/M in Q2-2024
Price Appreciation in Miami-Dade, Broward & Palm Beach Counties for Condos 10-Years Old or Less
Source: MLS
Avg. Sales Price
$1,840,000 $1,943,000 9%
$1,700,000
$1,680,000
$1,620,000
Q1 vs Q2 Total Active Condo Listings in Miami-Dade, Broward, Palm Beach Counties for Condos Between 10-30 Years Old
Source: MLS
2,113
Breakdown by County:
Miami-Dade: 1,088
Broward: 321
Palm Beach: 379
1,778
Q1-2024 Q2-2024
Condos 10-30 Years Old
Total Sold in Q2-2024 1,985
Total Listings Added 1,620
Estimated Months of Inventory: 662 2-4 Months
Avg Sales P/M in Q2-2024
Price Appreciation in Miami-Dade, Broward & Palm Beach Counties for Condos 10-30 Years Old
Source: MLS Avg. Sales Price Price Increase since 2023
$977,000
$1,061,000
$1,155,000 $1,225,000 7%
$889,000
Q1 vs Q2 Total Active Condo Listings in Miami-Dade, Broward, Palm Beach Counties for Condos 30+ Years
Source: MLS
Breakdown by County:
Miami-Dade: 7,961
Broward: 5,166
Palm Beach: 4,669
15,759 17,776
Q1-2024 Q2-2024
Condos 30+Years
Total Sold in Q2-2024 1,115
Total Listings Added 3,172
Estimated Months of Inventory: 382 24+ Months
Avg Sales P/M in Q2-2024
Price Appreciation in Miami-Dade, Broward & Palm Beach Counties for Condos 30+ Years
Source: MLS Avg. Sales Price
$370,000
$337,000 $325,000 $277,000 $225,000 -19%
Price Decrease Since 2023 2022-2023 HISTORIC
Total
Active Condo Listings in Miami-Dade, Broward & Palm Beach Counties By Age
Source: MLS
Breakdown by County:
Miami-Dade: 588
Broward: 66
Palm Beach: 55 709
Miami-Dade: 1,088
Broward: 321
Palm Beach: 379
Breakdown by County:
5,166
Less than 10 Years 812
Q1-2024 Q2-2024
Breakdown by County: 10-30 Years
17,796
15,759
Florida’s District Third Court of Appeal Blocks Condo Buyouts.
March 2024
Total Active Single Family Homes in Miami-Dade, Broward & Palm Beach Counties
Source: MLS
“A Houses” 247 Listings Avg. $18.5M
8,972
“B Houses” 1,151 Listings Avg. $7.2M
“C Houses”
9,335 Listings
Avg. $850,000
Single Family Homes Price Appreciation in Miami-Dade, Broward & Palm Beach Counties
Source: MLS
Avg. Sales Price
$634,000
$915,000 $1,022,000
$1,221,000 $1,307,000 6%
Price Increase Since 2023
JEROME POWELL
“Fed holds interest rates steady, lowers forecast to just one cut in 2024 amid high inflation”
June 2024
BARBARA CORCORAN
“The minute those interest rates come down, all hell’s going to break loose and the prices are going to go through the roof.”
“Right now sellers are staying put, but they’re not going to stay put if interest rates go down by two points.”
March 2024
SOUTH FLORIDA PRE-CONSTRUCTION DEVELOPMENTS
As of June 2024
2023 Resale Transactions in Miami-Dade, Broward & Palm Beach Counties.
Traditional Condos vs. Condo-Hotels (No Rental Restrictions)
49,005 1,016
Traditional Condos Condo-Hotels
20 Year Condo Delivery Analysis for Traditional Condos
Condo Developments No. Units
Under Construction: 20 / 4,102
Pre-Construction: 59 / 7,220
India Overtakes China as the World’s Most Populous Country, with United States Remaining 3rd.
April 2023
WORLD POPULATION
FASTEST GROWING STATES
GAINED THE MOST POPULATION IN 2023
TEXAS
FLORIDA #1 #2
1,297
People per Day
1,000
People per Day
World’s
Largest Economy Rankings
Florida’s Economy Is Booming, Outpacing The Nation With Remarkable GDP Growth
From the first quarter of 2019 to the first quarter of 2024, Florida’s real Gross Domestic Product (GDP) soared by 21.9%, nearly double the national growth rate of 11.1% . This impressive performance cements Florida’s position as one of the world’s strongest economies, boasting an annual GDP of nearly $1.3 trillion.
1. United States 2. China 3. Germany
Japan
California
India 7, United Kingdom
France
Texas
Italy
Brazil
New York
Canada
Florida
Mexico
Russia 17. Australia
Korea 19. Spain 20. Indonesia
Source: Florida Chambers of Commerce
