Happy New Year! If your New Year’s resolutions include buying, selling, or upgrading property, be sure to reach out!  It's an exciting time of year for all of us as we plan for 2024! Real Estate is forever changing. I appreciate you letting me know if you need a Market Report for your Home, Another Search added or you are Ready to List your Home For Sale!

What are the 2024 Real Estate Predictions for South FL?

The new forecast by MIAMI Chief  Economist Gay Cororaton, is that she believes Sales will Rebound and there will be Sustained Price Appreciation.

1. Gay Cororaton's (MIAMI Chief  Economist) first prediction is that Mortgage rates will continue to trend downwards in 2024 and could hit 5.25% by year-end. With inflation slowing, mortgage rates are likely to keep trending down. Currently mortgage rates are around or close to 7%.

Looking at 2023's year in review for 30-Year Mortgage Rates:


01.26.23 - 6.13%
02.23.23 - 6.50%
03.30.23 - 6.32%
04.27.23 - 6.43%
05.25.23 - 6.57%
06.29.23 - 6.71%
07.27.23 - 6.81%
08.31.23 - 7.18%
09.28.23 - 7.31%
10.26.23 - 7.79%
11.30.23 - 7.22%
12.28.23 - 6.61%

If you are looking to buy and need a mortgage, please let me know, as I am happy to provide you with a well-established mortgage consultant. 
2. We are going to see an increase in real estate housing active listings for 2024. Buyers are anticipating mortgage rates to decrease. As this inventory increase starts to occur between Buyers and Sellers, we will be looking at a more balanced market. Currently, we are in a Sellers Market, there is a 3.5 month of Real Estate Supply in Broward County, meaning the demand for Real Estate homes from Buyers was higher than the supply from Sellers. For November 2023, there was a 14.9% increase in listings being added to the market from the prior year. 
What does it cost to purchase a home in Broward County? Homes average sales price for Broward County is $600,000.00.  The Median Sales Home Price is $789,671 in November 2023 and the average sales price is $280,000.00 for Condominiums in Broward County. For Broward County, 42% of the Buyers are cash buyers, which is nearly double the rate for the average of cash buyers.