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South Florida Real Estate Market Report: February 2024 Sees Record-Breaking Home Prices and Sluggish Condo Sales

According to data from the Miami Association of Realtors’ Multiple Listing Service, condo closings experienced a downturn across the tri-county region. However, the total dollar volume for residential sales soared to $4 billion, marking an increase from $3.7 billion recorded in February of the previous year.

In Miami-Dade County, home sales saw a modest 1 percent uptick year-over-year, totaling 1,705. Notably, single-family home closings surged by 5 percent to 764, while condo sales witnessed a 3 percent decline, amounting to 941.

Median prices for single-family homes skyrocketed by 17 percent, reaching $650,000, while condo median prices showed a healthy increase of 8 percent, reaching $390,000. The county’s total dollar volume hit $1.5 billion, with single-family home dollar volume rising by 9 percent to $767 million and condo dollar volume increasing by 7 percent to $708 million.

Moving to Broward County, total home sales experienced a slight 1 percent dip year-over-year, totaling 1,817 closings. Single-family home sales remained steady at 831 deals, while condo sales decreased by 2 percent to 986.

Median prices for single-family homes in Broward County surged by 12 percent to $625,000, and condo median prices climbed by 7 percent to $290,000. Broward County’s total dollar volume amounted to $1.1 billion, with single-family dollar volume ballooning by 17 percent to $720 million and condo dollar volume jumping by 8 percent to $364 million.

In Palm Beach County, total home sales declined by 2 percent year-over-year, totaling 1,762. However, single-family home sales experienced a notable 5 percent increase, reaching 1,026 closings, while condo sales dropped by 10 percent to 736.

Median prices for single-family homes surged by 12 percent to $615,000, and condo median prices grew by 5 percent to $314,000. Palm Beach’s total dollar volume reached $1.4 billion, with single-family home dollar volume witnessing a remarkable 19 percent increase to $1 billion, and condo dollar volume climbing by 12 percent to $371 million.

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