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When it’s over
When it’s over house prices in South Florida may not crash like they did in the Great Financial Crisis, but condos could be another story. We are at the point in the cycle where we could finally be running out of buyers willing to pay ridiculous prices. Today’s chart tunes are brough to you by Sugar Ray.
The real estate agent that got you in a bidding war during COVID to buy an overpriced property could start singing the lyrics to you like this:
All the things that I used to sayAll the words that got in the wayAll the things that I used to knowHave gone out the window
As for the latest condo inventory in our first chart, here are the numbers for the month of February 2025:
Inventory of Condo Properties
- Miami-Dade – 12,568
- Broward – 11,687
- Palm Beach – 8,267
Inventory of Single-Family Homes
- Miami-Dade – 5,140
- Broward – 5,361
- Palm Beach – 6,292
Transaction Volume for Condo Properties
- Miami-Dade – 737
- Broward – 789
- Palm Beach – 685
Transaction Volume for Single-Family Homes
- Miami-Dade – 703
- Broward – 802
- Palm Beach – 1,009
Average sale price of Condo Properties
- Miami-Dade – $803,560
- Broward – $379,229
- Palm Beach – $576,023
Average sale price of Single-Family Homes
- Miami-Dade – $1,353,447
- Broward – $836,994
- Palm Beach – $1,264,860
When it’s over there won’t be a bell ring. You will just see more houses and condos sitting on the market until sellers realize what is going on.
This 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.
