Published by Peter Zalewski
6/10/2024 
5:00:22 PM 
Broward County luxury condos traded at an average price of about $865 per square foot in the Winter Buying Season. (Photo courtesy of Google Maps)
The Winter Buying Season proved lackluster for optimistic sellers with aggressively priced luxury condo units in Broward County.
The luxury condo market experienced a nearly two percent drop in Broward County in the recently completed Winter Buying Season that stretched from November 2023 through April 2024 after experiencing a steep drop in the previous 2022-23 season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
As for pricing, the average price per square foot for Broward County luxury condos increased nearly three percent in the 2023-24 Winter Buying Season.
The annual Winter Buying Season traditionally extends from November through April when visitors flock to the tricounty South Florida region of Miami-Dade, Broward and Palm Beach to take advantage of the weather, events and vibe.
For this report, luxury condos are defined as those units that are listed for minimum price of $1 million each.
Buyers purchased about 202 luxury condos in Broward County in the 2023-24 Winter Buying Season. By comparison, buyers bought about 206 luxury condos in the 2022-23 season due, in part, to rising interest rates, skyrocketing asking prices and a lack of resale supply available for purchase.
It is worth noting, a total of nearly 720 luxury condos traded during the Winter Buying Seasons spanning from the 2013-14 season through the 2019-20 season. That’s an average of nearly 103 luxury unit transactions per season.
During the 2020-21 season, nearly 270 Broward County luxury condos traded in a six-month span as stay-at-home orders from the pandemic were lifted and a plethora of work-from-home employees relocated to South Florida from places such as California, Illinois and New York.
Industry watchers are at odds as to the direction of the South Florida housing market in 2024. Bullish investors are predicting housing demand will reignite once interest rates begin to fall. Bearish investors contend that home prices are too high and likely to collapse in the months ahead.
We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on CondoVultures.com.
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This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 or visit CondoVulturesRealty.com
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Condo Market Inventory Tracker
A Snapshot Of Tricounty South Florida Region Of Miami-Dade, Broward And Palm Beach
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 24,016 | 10.2 |
| Luxury Condos | 3,740 | 15.1 |
| Shortsales | 30 | 15.0 |
| REOs | 126 | 6.6 |
| Rentals | 21,476 | 3.9 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
Confused about whether it is the appropriate time to buy or sell a condo in South Florida? The experts at CVR Realty are here to assist you in crafting a strategy during this uncertain time. Unlike many brokers offering services, our organization has been through the cycles and can assist you to capitalize on the situation.
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