September 2024 Was A Buyer’s Market
A buyer’s market is when there are more than 6 months of inventory based on closed sales. A seller’s market is when there is less than 3 months of inventory based on closed sales. A neutral market is when there is 3 – 6 months of inventory based on closed sales.
Caveat: This report includes information for single-family homes, townhomes and condos. While the data from all three property types reflects that we experienced a “buyer’s market” during September 2024, sales are very different for each property type. If you would like market data on a specific property type, please contact us!
September 2024 Was A Buyer’s Market**
Home sales (Sold) for September 2024 was 293, which is down 20.8% compared to September 2023 and 22.9% lower compared to August 2024.
Current inventory (For Sale) of properties for September 2024 was 1,008 units, which is up 67% compared to September 2023 and up 3.2% compared to August 2024.
Homes under contract (Pending Sale) for September 2024 was 289, which is down .3% compared to August 2024 and up 10.7% compared to September 2023.
**Buyer’s market: more than 6 months of inventory based on closed sales. Seller’s market: less than 3 months of inventory based on closed sales. Neutral market: 3 – 6 months of inventory based on closed sales.
The Average Sold Price Per Square Foot Was Depreciating*
Average Sold Price per Square Foot in September 2024 was $474. It was down 5.6% compared to August 2024 and down 21.8%
compared to September 2023.
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the “mix” of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days On Market Trend Was Neutral*
Average Days on Market (DOM) in September 2024 was 64. It was down 4.5% compared to August 2024 and up 12.3% compared to September 2023.
The average Days on Market shows how many days the average property is on the market before it sells. An upward trend in DOM indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market.
* Based on 6 month trend – Upward/Downward/Neutral
The Sold/Original List Price Ratio Was Rising**
Sold/Original List Price in September 2024 was 91%. It was up 3.4% compared to August 2024 and the same as in September 2023.
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market.
** Based on 6 month trend – Rising/Falling/Remains Steady
The Average For Sale Price Was Neutral*
The Average For Sale Price in September 2024 was $1,634,000. It was down 12.8% compared to September 2023 and up 3.4% compared to August 2024.
The Average Sold Price Was Depreciating*
The Average Sold Price in September 2024 was $743,000. It was down 25.7% compared to September 2023 and down 13.8% compared to August 2024.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
Months Of Inventory Indicate A Buyer’s Market
Months of Inventory based on Closed Sales in September 2024 was 10.8. It increased 111% compared to September 2023 and up 33.4% when compared to August 2024.
A comparatively lower Months of Inventory is more beneficial for sellers, while higher Months of Inventory is better for buyers.
All reports are published July 2024, based on data available at the end of June 2024. This representation is based in whole or in part on data supplied by the Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or the Southeast Florida Multiple Listing Service (MLS). Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.
