Today we will look at condo prices in South Florida by county. The tri-county area is basically three different markets and tend to fluctuate in transaction volume, inventory and prices. The charts look at the past four years. South Florida always seemed to be at top choice for retirees, but with affordability shrinking is that still the case?
Average condo prices for December
- Miami-Dade – $406,832, up 12% from $363,759 in December 2018.
- Broward – $230,227, up 8% from $212,264 in December 2018.
- Palm Beach – $358,567, up a whopping 31% from $273,689 in December 2108.
By looking at the chart you will notice that May of 2018 still was the most recent high point for condo prices in South Florida during this cycle. Right now we don’t know if mortgage rates are still driving the market since they have been low for so long. Here are the prices for each county back in May 2018:
- Miami-Dade – $463,906
- Broward – $231.288 (we are actually very close to the high now)
- Palm Beach – $331,001 (now past the high)
South Florida condo inventory
- Miami had 14,662 condos listed for sale in December, down from 15,369 in November.
- Broward County had 7,434 condos listed for sale in December, down from 8,002 in November.
- Palm Beach had 5,891 condos listed for sale in December, up slightly from 5,844 in November.
South Florida condo transaction volume
Deal volume on condos was up for Miami, Fort Lauderdale and Palm beach markets in December. here is a look at the numbers:
- Miami-Dade had 1,250 closed sales, up from 1,061 in November.
- There were 1,376 closed sales in Broward, up from 1,156 in November.
- Palm Beach had 1,22 closed sales, up nicely from 930 in November.
What’s a real estate market update without looking at the latest mortgage rates? Obviously if rates continue to remain low or decline further, they may add some additional fuel to the condo market sales. Here is a look at rates through February 13, 2020: