Just how much did the housing market increase in South Florida in 2024? Hey, I'm Andy with the Mandel team, and I'm here to bring you your 2024 housing market recap.
Normally when we do these videos, we talk about month over month what changed in the housing market. Since it's the beginning of 2025, I want to talk about what happened in all of last year in the areas where our team does the predominant amount of our business. So that's Boca Raton, Parkland, and Coral Springs.
We're going to talk about the single family home market. We're going to talk about the condo market because those are very, very different. And at the very, very end, we're going to give you our predictions for what's going to happen in 2025. So make sure you watch to the end. If you're thinking about making a move in South Florida, whether you are relocating to the area or you already live here, we get calls, texts, emails all the time from people who reach out just from these videos and things like this.
So if you would love to speak to a market expert, we have a team of 20 plus agents who would love to help you. And we'd love to speak with you. Give us a call, shoot us a text, send us an email. Always remember, we got your back when moving in South Florida. So let's get into it. The first city we're going to talk about is Boca Raton.
In Boca in 2024, compared to 2023, new listings were up, but they were only up less than 1%, 0. 96%. At the same time, the number of closed sales was down 2%, so a relatively flat market, all things considered. Not this huge flood of inventory and not this gigantic drop in buyer demand. And Relatively flat the days on market.
So the number of days it took on average for a home to sell was 34. That's up from 24 in 2023. So the sales price to original list price was 93. 2%. So this means that buyers are getting good deals and realistically. Sellers are still asking higher prices than what the market is expecting. If sellers were more in line with the market, homes would probably sell quicker and they would sell closer to that original list price.
But in my experience, in my opinion, sellers still have a somewhat unrealistic expectation of where prices are. in comparison to buyers. The median sales price for the year was 925, 000. That is up 9. 46%. So home prices are definitely still rising in Boca. The next city we want to talk about is Parkland. In Parkland, the number of new listings was up 12.
3%. At the same time, the number of sales was down 5. 5%. The average days on market was 35 days. That's up from 28 in 2023. And the average sales price to list price. 94. 9. So there's way more inventory in Parkland, way fewer homes selling because Parkland typically is a luxury market. You know, the homes start at a higher price.
That luxury market is a little bit slower. The median sales price in 2024 in Parkland. Was 1, 125, 000. That's up, but only up 0. 67%. So a much flatter market in Parkland as far as home appreciation goes year over year. The next city we're going to talk about is Coral Springs, where new listings were up 22%, but new sales were also up a 1.
7%. So a A lot more inventory, but actually more homes selling in Coral Springs compared to 2023. We hear from buyers all the time that, oh, no one's buying a house. That's just not true. Last year had the fewest number of sales across America in 30 years, but some cities are actually still seeing more home sell than the previous year.
There are still buyers who are out there looking. There are reasons why people have to move that we call it the D's in real estate. Death, divorce, diamonds, diapers, and diplomas. There are life events that still cause people to move. So there are still buyers who are out there. Obviously, there's fewer buyers with prices where they are and rates still as high as they are.
And we'll talk about that. But homes definitely are still selling. The average days on market in Coral Springs was 30. That's up from 22 in 2023. The average sales price to original list price in Coral Springs was 96. 8%. So still, buyers are able to negotiate off of the asking price. That's down from 97. 2 in 2023.
And the median sales price for the year was 695, 000. That's an increase of 5. 3%. Just in Coral Springs. Now let's talk about the counties as a whole in Broward. The average sales price was 615, 000. That's up 6 percent compared to 2023 in Palm Beach County, the average sales price, excuse me, the median sales price was 665, 000.
That's up 5. 5 percent from 2023. So home values on as a whole across the counties are up about 5%. 5. 5 percent or so between Broward and Palm Beach counties. Now that's for single family. Now let's talk about condos. So the median condo value in South Florida in Broward and Palm Beach counties was down 13.
6%. At the same time, inventory is up 14. 7%. So way more condos hitting the market. Prices are a lot lower for condos. So it's an unfortunate reality, but it's After the Surfside tragedy, there's a lot of laws that changed. A lot of things have changed about purchasing condos and the condo market, and it has caused a massive decrease in condo values.
Not the same thing for single family at all, but condo values down 13. 6%. So if you don't know why that is because of the new changes to how buildings have to collect for reserves and because condo fees are going up in general, because insurance is going up and there's just been assessment after assessment for a lot of these buildings to make sure that they're up to date on all these new laws and rules.
Values for condos have come down to reflect these new higher, you know, monthly costs for their condo association and for assessments and things like that. Now, I do think that going into 2026, as we get through the end of this year, now that most of these buildings have had their special assessments, or at least they were supposed to.
Once that Uncertainty in the condo market kind of clears its way through through the end of 2025. I do think that things will start to level out and you're not going to see continued year over year, massive, massive, massive decreases, but it's going to take a little bit of time for this inventory to work its way through the system for buyers to feel comfortable buying a condo again, and to know that there's not.
Massive assessments coming down. So here's my prediction for 2025. Single family homes are going to increase another 5 percent in 2025. That's my prediction. I don't see anything in the market that's going to say that home prices are going to tumble down. I think they're going up another 5 percent on average in South Florida.
If you want to look at pre pandemic Home prices went up on average around 4 percent a year. So an increase of 5 percent is basically back to where we were pre pandemic levels of appreciation. Nothing major, you know, but home values are continuing to go up little by little. Now, my prediction for the condo market is that values in 2025, unfortunately are going to go down another 10%.
Somewhere between 10 to 15%. Like I said, I don't see this being a long term trend of 10 to 15 percent forever, but through the end of 2025, my personal prediction is that home condo values rather are going to go down another, let's call it 10 to 15 percent until buyers get more comfortable buying a condo and all these assessments level off.
I just think that's where the market's going to be. But over the long run owning real estate in South Florida is Always a good bet. We are land constricted down here. So a lot of cities across America, you can just build new construction. In South Florida, we have the Everglades to our west. We have the ocean to our east.
We don't have any land available to build on. So the land prices are incredibly expensive. They can only really build luxury houses down here because if the price of the land is expensive, they have to build an expensive house in order for it to make sense. So I do think that Supply and demand dictates that home values are going to continue to go up.
As we have more people continuing to come to South Florida, it's still a very desirable place to live across the country. People are still moving down here, not at the same rate they were during COVID, but they are moving down. And so I do think over the long run, owning real estate in South Florida is always a good bet.
If you have any questions on the market, how this affects you. your particular property. Again, feel free to reach out. We get calls texts all the time from these kinds of videos. That's why we do them. Give me a call, shoot me a text, send me an email. However you want to communicate. We got your back. We're moving in South Florida.
Thank you for tuning in and I'll see you next month.
Posted by Andy Mandel on
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