October 2024
Broward County Market Update
The real estate market in Broward County in October 2024 displayed a mix of growth and challenges, reflecting a dynamic and evolving landscape. While inventory levels surged and prices showed resilience, the pace of new listings and pending sales softened. Let’s dive into the details for single-family homes and townhouses/condos.
Broward County Single-Family Homes
The single-family home market in Broward County showed notable activity in October 2024:
- Closed Sales: A total of 1,001 closed sales, marking a 1.8% increase from October 2023. This uptick signals a steady buyer demand, even amid shifting market conditions.
- Median Sales Price: The median sales price reached $615,000, up 7.0% year-over-year, reflecting the continued value appreciation in the area.
- Active Inventory: There were 4,795 active listings, a significant 38% increase compared to last year, providing buyers with more options in the market.
- Months Supply of Inventory: Supply grew to 4.7 months, compared to 3.4 months in October 2023, suggesting a move toward a more balanced market.
- New Listings: There were 1,464 new listings, a 7.2% decrease from last year, indicating some hesitancy from sellers to enter the market.
- New Pending Sales: Pending sales dropped by 6.7% year-over-year, totaling 945 transactions, reflecting a slight cooling in immediate buyer activity.
The single-family home market in Broward County is transitioning toward balance, driven by higher inventory levels and rising prices. The increase in active listings and months of supply is helping moderate the competitive landscape. However, the drop in new listings and pending sales indicates some resistance from sellers and buyers as they adapt to these market shifts.
Broward County Townhouses and Condos
The townhouse and condo market in October 2024 revealed distinct patterns compared to single-family homes:
- Closed Sales: There were 881 closed sales, a sharp 24% decrease from the previous year, reflecting a significant slowdown in buyer activity.
- Median Sales Price: Prices showed resilience, with the median sales price reaching $280,000, an increase of 2.7% year-over-year.
- Active Inventory: Inventory surged to 9,860 active listings, an impressive 76% increase from last year, providing a wide array of options for buyers.
- Months Supply of Inventory: Supply increased significantly to 9.2 months, up from 4.6 months in October 2023, shifting the market firmly into buyer-friendly territory.
- New Listings: New listings slightly declined by 1.5%, with 1,985 properties entering the market, indicating stability in seller activity.
- New Pending Sales: Pending sales were down 15% year-over-year, totaling 987 transactions, reflecting cautious buyer behavior.
The townhouse and condo market is experiencing a noticeable cooling in sales activity, despite the growth in inventory and slight price increases. With over nine months of supply, buyers have greater leverage, leading to a more negotiable market. Sellers may need to adjust their strategies to attract buyers as competition among listings rises.
