During the 2020 buying spree in the South Florida real estate market, it seemed as if condo properties were being ignored. Now that the inventory of single-family homes has been drastically reduced, buyers are looking to scoop-up condos again.
As we look at the charts of average sale prices throughout South Florida for the month of February, Miami Dade County leads the pack once again. The average sale price for a single family home in Miami Dade reached a staggering 933, 279 during the month of February. In Broward County, the average sale price hit 632, 584. Average sale prices of single family homes in Palm Beach County reached $ 845,677.
One of the main reasons that sale prices continue to climb across South Florida , and in the remainder of the country is a lack of inventory. There’s just too many buyers chasing too few houses and that continues to push prices to new highs. In Miami Dade County, there were 3, 128 houses on the market in February. Broward County had 2,338 houses on the market. Palm Beach County had 2,987 houses on the market during the month of February. When you look at the chart available inventory for houses in the Tri-County area, it appears as if we’re headed to zero across the board.
The level of condo inventory isn’t nearly as bad as the number of houses available in the area. Miami Dade had 11, 735 condos on the market in the month of February. Broward County had 6, 466 condos on the market in February. Palm Beach County had 4.600 condos on the market in February.
Condo prices across the Tri County area have started to climb again as well. The average sale price of a condo in Miami Dade was $617, 292 in the month of February. That move on the chart above looks parabolic! In Broward County / Greater Fort Lauderdale area, the average sale price was $290, 581. Palm Beach County showed a nice gain and condo prices, with the average sale price hitting $435, 929 in February.
Transaction volume has declined from the highs set back in 2020. One of the main reasons is that you’re just isn’t anything left to buy. There were 1,093 houses sold in Miami Dade County in February. There were 1,243 houses sold in Broward in February. There were 1,211 houses sold in Palm Beach County in February.
Looking at condo properties, the pace of sales picked up slightly in February. There was 1,392 close sales in the condo market in Miami Dade that month. In Broward County, there were 1,451 close sales . In Palm Beach County there were 1,107 condo properties sold.
As we move through spring and into summer months, it will be interesting to see if more inventory hits the market across South Florida. Will people who migrated South during COVID-19 return to New York and others areas of the northeast? Time will tell if the migration was temporary , or if they won’t be making a permanent address shift to the area.