Miami-Dade and Broward County are two of the most popular counties in Florida. They are known for their scenic beauty, pristine beaches, and of course, the real estate market. Both counties offer a variety of options when it comes to housing, but two of the most popular are single-family homes and condominiums. In this blog, we will compare the market trends for single-family homes and condominiums in Miami-Dade and Broward County in February.
Miami-Dade County
Single-Family Homes: February Pricing Gains
The median price of a single-family home in Miami-Dade County increased by 3% in February, driving much of the year-over-year gain of roughly 5%. The median price per square foot remained 10% higher than one year ago. The average days on market for a single-family home in Miami-Dade County increased by 36% compared to last year. This means that single-family homes are taking longer to sell than they were last year.
Condominiums: Units Sell Quicker Than 2022
The median sales price of a condominium in Miami-Dade County increased by 3% compared to last year. The median price per square foot remained the same as last year. The average days on market for a condo unit was approximately 19% lower than last year, which means that condos are selling quicker than they were last year.
Neighborhood Snapshots
- In Aventura, the median sales price of a single-family home is $1,175,000, while the median sales price of a condo is $437,500. The median price per square foot for a single-family home in Aventura is not available, but for a condo, it is $366. The average days on market for a single-family home in Aventura is 202, while for a condo, it is 83.
- In Coconut Grove, the median sales price of a single-family home is $3,588,000, while the median sales price of a condo is $2,225,000. The median price per square foot for a single-family home in Coconut Grove is $625, while for a condo, it is $659. The average days on market for a single-family home in Coconut Grove is 98, while for a condo, it is 89.
- In Coral Gables, the median sales price of a single-family home is $1,515,900, while the median sales price of a condo is $663,000. The median price per square foot for a single-family home in Coral Gables is $739, while for a condo, it is $563. The average days on market for a single-family home in Coral Gables is 86, while for a condo, it is 74.
- In Key Biscayne, the median sales price of a single-family home is $2,400,000, while the median sales price of a condo is $1,050,000. The median price per square foot for a single-family home in Key Biscayne is $1,444, while for a condo, it is $743. The average days on market for a single-family home in Key Biscayne is 20, while for a condo, it is 66.
- In Miami, the median sales price of a single-family home is $560,000, while the median sales price of a condo is $375,000. The median price per square foot for a single-family home in Miami is $338, while for a condo, it is $304. The average days on market for a single-family home in Miami is 60, while for a condo, it is 53.
Broward County Single-Family Homes: February Pricing Gains
The Broward County housing market saw an increase in the median price of single-family homes by 7% in February, resulting in a year-over-year gain of approximately 10%. The median price per square foot also increased by 16% compared to the previous year. However, the average days on market for a single-family home in Broward County increased by 53% compared to last year, indicating that homes are taking longer to sell.
Condominiums: Units Sell Quicker Than 2022
The median sales price of a condominium in Broward County increased by 4% compared to last year. The median price per square foot increased by 5% compared to last year. However, the average days on market for a condo unit decreased by approximately 16%, which means that condos are selling faster than they were last year.
Neighborhood Snapshots
- In Weston, the median sales price of a single-family home is $720,000, while the median sales price of a condo is $309,900. The median price per square foot for a single-family home in Weston is $237, while for a condo, it is $218. The average days on market for a single-family home in Weston is 46, while for a condo, it is 63.
- In Hollywood, the median sales price of a single-family home is $416,250, while the median sales price of a condo is $215,000. The median price per square foot for a single-family home in Hollywood is $267, while for a condo, it is $200. The average days on market for a single-family home in Hollywood is 48, while for a condo, it is 92.
- In Coral Springs, the median sales price of a single-family home is $500,000, while the median sales price of a condo is $185,000. The median price per square foot for a single-family home in Coral Springs is $224, while for a condo, it is $143. The average days on market for a single-family home in Coral Springs is 36, while for a condo, it is 73.
- In Fort Lauderdale, the median sales price of a single-family home is $561,250, while the median sales price of a condo is $315,000. The median price per square foot for a single-family home in Fort Lauderdale is $334, while for a condo, it is $309. The average days on market for a single-family home in Fort Lauderdale is 57, while for a condo, it is 71.
- In Pembroke Pines, the median sales price of a single-family home is $482,500, while the median sales price of a condo is $185,000. The median price per square foot for a single-family home in Pembroke Pines is $241, while for a condo, it is $164. The average days on market for a single-family home in Pembroke Pines is 42, while for a condo, it is 71.
The Broward County housing market shows strength in both single-family homes and condominiums, with increases in median prices and price per square foot for both property types. However, homes are taking longer to sell compared to last year, except for condos which are selling faster. When considering purchasing a property in Broward County, it is important to consider the neighborhood’s average days on market, median sales price, and median price per square foot to make an informed decision.