South Florida Winter Condo Sales Drop To Level Not Seen Since Great Recession

A review of the South Florida condo statistics shows about 13,733 units traded between November 2023 and April 2024. This is the fewest sales since the 2008-09 season when 9,940 units traded.

The South Florida Winter Buying Season – stretching from November through April – is a busy time for condo sales as buyers come to the tricounty region of Miami-Dade, Broward and Palm Beach for the weather, events and vibe. (Photo courtesy of Descript)

This was the worst South Florida Winter Buying Season for condo resales in the tricounty region of Miami-Dade, Broward and Palm Beach since the Great Recession, according to an analysis of statistics compiled by CondoVulturesRealty.com.

The Winter Buying Season traditionally stretches from November through April when visitors flock to South Florida to take advantage of the weather, events and vibe.

Tourists may have come to South Florida this Winter Buying Season but they were not purchasing condos at the same pace as previous seasons.

Buyers purchased less than 13,735 condos in the tricounty region between November 2023 and April 2024. By comparison, buyers bought about 15,585 condos in the 2022-23 season. That is about a 12 percent drop in total transactions.

This is the second consecutive year that condo resales were down from the recent peak of the 2021-22 Winter Buying Season when more than 26,320 units traded.

It is worth noting, the last time so few condos traded during a South Florida Winter Buying Season was the 2008-09 season when about 9,940 units transacted.

Many industry watchers consider the September 2008 bankruptcy filing of the former Wall Street investment bank Lehman Brothers as the “climax of the subprime mortgage crisis” and the resulting Great Recession, according to Wikipedia.

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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