June 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 April 2024, sales are very different for each property type. If you would like market data on a specific property type, please contact us!
June 2024 Was A Buyer’s Market**
Home sales (Sold) for June 2024 was 288, which is down 23% compared to June 2023 and 26.5% lower compared to May 2024.
Current inventory (For Sale) of properties for June 2024 was 1,144 units, which is up 86.9% compared to June 2023 and up .3% compared to May 2024.
Homes under contract (Pending Sale) for June 2024 was 319, which is down 8.6% compared to May 2024 and down .9% compared to June 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 Neutral*
Average Sold Price per Square Foot in June 2024 was $588. It was up 8.3% compared to May 2024 and up 4.1%
compared to June 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 June 2024 was 74. It was up 10.4% compared to May 2024 and up 37% compared to June 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 Falling**
Sold/Original List Price in April 2024 was 87%. It was down 2.2% compared to May 2024 and down 4.4% compared to June 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 Depreciating*
The Average For Sale Price in June 2024 was $1,544,000. It was down 20.9% compared to June 2023 and down 2.6% compared to May 2024.
The Average Sold Price Was Neutral*
The Average Sold Price in April 2024 was $988,000. It was up 6.4% compared to June 2023 and up 4.8% compared to May 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 June 2024 was 8.5. It increased 142% compared to June 2023 and up 35.1% when compared to May 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.
