Yes. According to a Miami Herald article published in December 2024, South Florida condo and single family home prices were still climbing even though the number of completed deals was dropping. This unusual combination was driven largely by strong interest from high end and international buyers while many budget conscious buyers remained on the sidelines. The article provides a valuable snapshot of how the market behaved at that time, and the insights still help illustrate longer term trends even though the information is no longer current.

What the Miami Herald Reported in December 2024

The article explained that the market was “defying the odds” during late 2024. Prices increased in both Miami Dade and Broward counties compared to the previous year, even as inventory expanded and sales declined.

In Miami Dade County the median sales price reached six hundred fifty thousand dollars for single family homes and four hundred thirty six thousand three hundred fifty four dollars for condos. Broward County showed similar patterns with homes at six hundred nineteen thousand five hundred dollars and condos at two hundred eighty five thousand dollars. These numbers were notable because rising inventory usually puts downward pressure on prices, yet demand from affluent buyers helped propel prices higher.

Eddie Blanco’s Insight From That Period

At the time, Eddie Blanco was preparing to step into his role as the 2025 chairman of the board for the Miami Association of Realtors. In the interview he emphasized South Florida’s growing status as a global destination. He noted that when compared to international cities such as Sydney, Shanghai, London, and markets in Morocco, Miami still appeared to be a relative value. This global appeal, he said, was a driving force behind the strong activity at the high end of the market.

Eddie also pointed out that meaningful affordability would need to be intentionally built into the local market, especially since small interest rate cuts by the Federal Reserve were unlikely to significantly shift buyer behavior at that time.

Sales Activity and Inventory Conditions in Late 2024

The article highlighted a clear decline in the number of closed sales across both counties. Miami Dade saw an eight percent drop in total deals, while Broward experienced a decline of more than eleven percent. Condo sales showed the sharpest decrease, falling nearly sixteen percent in Miami Dade and almost nineteen percent in Broward.

Even with slower sales, buyers had more options than the year before. Inventory levels rose to five point four months for single family homes and eleven point one months for condos in Miami Dade, while Broward offered four point nine months of homes and nine point eight months of condos.

Cash transactions remained unusually high, representing about thirty seven percent of all sales in both counties. This was significantly above the national average of twenty five percent at that time.

Why Revisiting Past Market Reports Still Matters

Although this information is specific to late 2024, it helps clarify how the region’s real estate landscape has been developing over time. The trends reported then underscore the strong pull of global demand, the widening gap in affordability, and the ongoing expansion of inventory.

Reflecting on past data helps provide context for present day discussions. While the market has continued to evolve since this report was published, the themes identified in the article remain relevant for understanding where South Florida real estate has been and where it may be heading.

https://www.miamiherald.com/news/business/real-estate-news/article297326159.html