September 2024
Broward County Market Update
The Broward County real estate market in September 2024 has continued to show a mix of trends across single-family homes and townhouses/condos. With fluctuations in sales, inventory, and prices, buyers and sellers must keep an eye on these dynamics to make informed decisions. Here's a breakdown of the latest market statistics for both property types.
Broward County Single-Family Homes
-
Closed Sales: 928 (down 12% year-over-year)
- The decline in closed sales indicates a slowdown in buyer activity compared to September 2023, which could be attributed to various factors, including affordability challenges or shifting demand.
-
Median Sales Price: $615,325 (up 2.2% year-over-year)
- Despite the drop in sales, median prices have seen a modest increase, suggesting that while fewer transactions occurred, home values remained resilient, driven by steady demand and limited inventory in certain price ranges.
-
Active Inventory: 4,665 (up 50% year-over-year)
- The sharp rise in active inventory highlights a growing number of homes available for sale, which could provide buyers with more options but may also introduce more competition among sellers.
-
Months Supply of Inventory: 4.6 months (up from 3.0 months a year ago)
- The increase in the months’ supply of inventory signals a shift towards a more balanced market, potentially giving buyers more negotiating power compared to the tighter conditions of last year.
-
New Listings: 1,471 (up 2.5% year-over-year)
- The uptick in new listings indicates that more homeowners are entering the market, either to take advantage of higher prices or due to changing personal circumstances.
-
New Pending Sales: 1,060 (up 4.2% year-over-year)
- The rise in pending sales suggests that, despite the broader slowdown, there is still buyer interest, particularly for competitively priced or well-located properties.
Broward County Townhouses and Condos
-
Closed Sales: 922 (down 18% year-over-year)
- Closed sales of townhouses and condos have experienced a sharper decline compared to single-family homes, likely due to affordability issues or increased buyer caution.
-
Median Sales Price: $281,500 (up 4.3% year-over-year)
- Median prices have seen a healthy increase, indicating continued demand for this more affordable segment of the market, despite reduced sales volume.
-
Active Inventory: 9,534 (up 90% year-over-year)
- The significant rise in active inventory for condos and townhouses points to a market flush with options, which could lead to longer selling times and more price negotiations.
-
Months Supply of Inventory: 8.7 months (up from 4.1 months a year ago)
- With the months’ supply of inventory more than doubling, this segment has shifted towards a strong buyer’s market, where supply significantly outweighs demand.
-
New Listings: 1,938 (up 4.1% year-over-year)
- The increase in new listings suggests a willingness among owners to sell, possibly in response to the rising inventory levels or to capture increased market value.
-
New Pending Sales: 979 (down 23% year-over-year)
- The drop in new pending sales reflects softer buyer interest, possibly due to higher interest rates or affordability constraints in the entry-level segment.
In September 2024, the Broward County real estate market demonstrated a notable divergence between single-family homes and townhouses/condos. While both segments saw reduced closed sales, median prices have edged upward, and inventory has increased significantly. For buyers, the growing inventory and extended months’ supply signal more opportunities, while sellers may need to adjust pricing strategies to stay competitive in this evolving market.
Whether you’re buying, selling, or simply observing, understanding these key metrics can provide a strategic advantage in navigating the Broward County real estate landscape this fall.
