Miami is also marked by a huge number of properties available for sale: 13,200 homes and 21,600 condos, per Rick Burch, chair of the Realtor Association of Greater Miami and the Beaches. That’s a 2.5-year supply of houses and a 10-year supply of condos.
Actual: 11,502 Condos Available Sold Out in 24 Months
September 2024
Experts Warn Florida’s Condo Market Could
Teeter to Collapse Amid Soaring Costs and New Safety Rules.
Experts are predicting that the skyrocketing costs of condo ownership — driven by massive increases in homeowner association (HOA) fees and a slew of new safety regulations — are poised to spark a fire sale that could send shockwaves through Florida.
Headlines
October 2024
The Great Florida Migration Is Coming Undone.
A surplus of housing inventory and dwindling buyer interest are slowing sales and keeping homes on the market longer. Hurricanes and extreme weather are making it worse.
Total Residential Transactions in Miami-Dade, Broward & Palm Beach Counties Q3 Comparison 2022-2024
22,611 20,713
23,425
Q3-2024
MORE TRANSACTIONS THAN Q3-2022 & Q3-2023 Source:
MLS RESALE SINGLE FAMILY HOMES
Miami-Dade
Broward
Palm Beach
Total Active Single Family Homes in Miami-Dade,
Broward and Palm Beach Counties
Total Active Listings
9,344
8,551
13,793
Single Family Homes Active Listings
HOUSES”
130 Listings $27M Avg. List Price
HOUSES”
Breakdown
2,144 Listings $10.3M Avg. List Price 11,699 Listings
HOUSES”
Single Family Homes Price Appreciation in Miami-Dade, Broward & Palm Beach Counties
NEW MANDATORY RESERVE REQUIREMENTS FOR FLORIDA CONDOMINIUMS
MILESTONES INSPECTIONS WILL BE REQUIRED BY THE COUNTY
(Structural Integrity Inspections Conducted by a Licensed Architect or Engineer of a Building Including Load-bearing Walls, Primary Structural Members, and Systems)
After the milestone inspection date, all condominiums will be required to have the same inspection performed at least once every 10 years (Similar to the previous 40 / 50-year recertification requirement in Miami-Dade).
The proposed annual budget must include the most recent Structural Integrity Reserve Study as prepared by inspector.
Effective December 31, 2024, Condo Associations can no longer waive reserves.
Total
Active Condo Listings in Miami-Dade, Broward & Palm Beach Counties
Pre-Covid Avg.
Total Active Listing: 22,000
Total Condo Listings
Source: MLS
Total Active Condo Listings in Miami-Dade, Broward & Palm Beach Counties
Total Condo Listings
Breakdown by County
Miami-Dade = 526
Broward = 71
Palm Beach = 83
Breakdown by County
Miami-Dade = 1,391
Broward = 522
Palm Beach = 446
17,041
Breakdown by County
Miami-Dade = 7,856
Broward = 4,774
Palm Beach = 4,411
85% Of all Active Listings are Over 30 Years Old
2, 359
Broward & Palm Beach Counties for Condos Less than 10 Years Old
Breakdown by County
Miami-Dade = 526
Broward = 71
Palm Beach = 83
1,444
Total Listings Added Since Q1 - 2024
1,712
Total Sold Since Q1 -2024
315
Avg. Sales P/M Since Q1-2024
3-6 Months
Estimated Months of Inventory Q1 2024 Q3 2024
Source: MLS
Price Appreciation in Miami-Dade, Broward & Palm Beach Counties for Condos Less than 10 Years Old
$1,620,000
$1,680,000 $1,700,000
$1,840,000 $1,992,000 9%
Listings in Miami-Dade, Broward & Palm Beach Counties for Condos Between 10-30 Years Old
Breakdown by County
Miami-Dade = 1,391
Broward = 522
Palm Beach = 446
2,359
2,113
4,683
Total Listings Added Since Q1 - 2024
10,064
Total Sold Since Q1 -2024
893
Avg. Sales P/M Since Q1-2024
2-4 Months
Estimated Months of Inventory Q1 2024
Source: MLS
Price Appreciation in Miami-Dade, Broward & Palm Beach Counties for Condos Between 10-30 Years Old
$889,000
$977,000 $1,061,000 $1,155,000 $1,255,000 9%
& Palm Beach Counties for Condos 30+ Years Old
15,759
Breakdown by County
Miami-Dade = 7,856
Broward = 4,774
Palm Beach = 4,411
17,041
3,911
Total Listings Added Since Q1 - 2024
2,629
Total Sold Since Q1 -2024
526
Avg. Sales P/M Since Q1-2024
24+ Months
Estimated Months of Inventory
Source: MLS
Price Appreciation in Miami-Dade, Broward & Palm Beach Counties for Condos 30+ Years Old
$370,000 $337,000 $325,000 $277,000 $218,000 -21%
Decrease since 2023
Total Active Condo Listings in Miami-Dade, Broward & Palm Beach Counties
Total Condo Listings
Breakdown by County
Miami-Dade = 526
Broward = 71
Palm Beach = 83
Breakdown by County
Miami-Dade = 1,391
Broward = 522
Palm Beach = 446
17,041
Breakdown by County
Miami-Dade = 7,856
Broward = 4,774
Palm Beach = 4,411
85% Of all Active Listings are Over 30 Years Old
2, 359
2024 Transactions by Price Range
Miami-Dade Broward Palm Beach
Total Available for Sale between $500K - $1.5M
New Condos Built Since 2012 East of I-95
87 Listings
Miami-Dade 87 Listings
Broward 0 Listings
Palm Beach 0 Listings
Condos between $500,000 - $1.5M
Condos above $1.5M 88% 12%
NEW CONSTRUCTION
Miami-Dade
Broward Palm Beach
SOUTH FLORIDA PRE-CONSTRUCTION DEVELOPMENTS
As of October 2024
20 YEAR CONDO DELIVERY ANALYSIS FOR TRADITIONAL CONDOS Under Construction
19,465 11,322
No. Units
Condo Developments
DEMAND
Florida’s 10 Year Daily Population Growth
963
Source: U.S. Census Bureau
US CORPORATE MIGRATION CONTINUES
Over 204 US Companies Have Committed to Miami as of Q2-2024
September 2023
The numbers tell the story. For the first time, six fast-growing states in the South-Florida, Texas, Georgia, the Carolinas and Tennessee are contributing more to the national GDP than the Northeast, with its Washington-New YorkBoston corridor, in government figures going back to the 1990s.
The switch happened during the pandemic and shows no signs of reverting.
UNITED STATES HOUSE OF REPRESENTATIVE
Florida’s population numbers have resulted in the appointment of 28 members in the United States House of Representatives and 30 electoral votes for the state; a strongly influential combination during Presidential elections. Florida’s growing population leads to an increasing presence in the nation’s politics.
2024 PRICING FORECAST
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
30-Year Fixed Mortgage Rate November 6-7th 2024
JEROME POWELL
“Time has come” for Fed to cut Interest Rates.
U.S Feds Meeting
September 2024
Experts Warn Florida’s Condo Market Could
Teeter to Collapse Amid Soaring Costs and New Safety Rules.
Experts are predicting that the skyrocketing costs of condo ownership — driven by massive increases in homeowner association (HOA) fees and a slew of new safety regulations — are poised to spark a fire sale that could send shockwaves through Florida.
Headlines
October 2024
The Great Florida Migration Is Coming Undone
A surplus of housing inventory and dwindling buyer interest are slowing sales and keeping homes on the market longer. Hurricanes and extreme weather are making it worse.
