Today we will be comparing condo markets across South Florida.  Our charts will look at the differences in the Miami, Fort Lauderdale and Palm Beach area markets.  This market has been showing signs of rising inventory, slowing sales activity and these factors will eventually lead to lower prices.

Comparing condo market inventory

The number of condo properties available for sale has been climbing.  You can see from the chart that inventory in Miami and Fort Lauderdale is moving higher at a good clip.  Palm Beach is a laggard for now and we did another blog post  recently highlighting the inventory spike in the Fort Lauderdale market.  Here is a snapshot of the inventory numbers for each county  for June 2024:

Inventory of Condo Properties

• Miami-Dade – 9,588, up slightly from 9,456 in May
• Broward – 8.928, up from 8,860 in May
• Palm Beach – 6,522, down from 6,618 in May

Comparing condo market transaction volume

The number of sales for condo properties has been declining after an active winter buying season.  There are obviously a number of factors that will suppress condo sales across South Florida.  One of the major factors being that new safety inspections will lead to higher HOA fees, special assessments and of course the ongoing insurance crisis will dampen the appetite for condo properties.  here is a look at the sales activity for June:

Transaction Volume for Condo Properties

• Miami-Dade – 1,085 units sold, down from 1,295 in May
• Broward – 1,068 sales, down from 1,334 in May
• Palm Beach – 868 sales, down from 1,134 in May

Comparing condo market prices

The month of June delivered a mixed bag for the Tri-County area.  There may be some outlier months, but as we move through the summer months, prices should gradually trend down.

Average sale price of Condo Properties

• Miami-Dade – $765,185, up from $728,792 in May
• Broward – $380,173, up from $375,176 in May
• Palm Beach – $532,702, down from $568,109 in May

Finally, this last chart shows how condo inventory is climbing across the South Florida market in comparison to the inventory of single-family homes.

This real estate market outlook covers real estate activity in Miami-Dade, Broward and Palm Beach County, Florida.  Here are just a few of the cities in each of these three markets:

• Miami-Dade – Aventura, Coral Gables, Miami Beach, Hialeah, Sunny Isles Beach, North Miami, Homestead, Doral, Miami Lakes, Downtown Miami, Brickell and Key Biscayne.

• Broward – Fort Lauderdale, Pompano Beach, Deerfield Beach, Hollywood, Hallandale, Weston, Parkland, Wilton Manors, Oakland Park, Plantation, Cooper City, Davie, Coral Springs, Sea Ranch Lakes, Lauderdale by the Sea and Lighthouse Point.

• Palm Beach – Delray Beach, Highland Beach, Jupiter, Palm Beach Island, Boynton Beach, Boca Raton, Highland Beach, Palm Beach Gardens, West Palm Beach, Wellington and Lake Worth.