Residential Sales In South Florida Sputtered In November

Real Estate

Home sales in South Florida are stagnant, according to the latest data released by the Miami Association of Realtors. In November, Broward and Palm Beach counties experienced a drop in condo closings while single-family home sales took a dip in Miami-Dade. The figures are a continuation of October’s results that showed a decline in condo sales across the tri-county area and in single family sales in Palm Beach.

Miami-Dade had 2,033 total sales in November, a .6% dip compared to the same month last year. Of that total, 972 were single-family homes, representing a 2.4% drop. Total condo sales crept up 1% to 1,061, but luxury condo sales over $1 million climbed 4.1% to 51 in November. Meanwhile, only 74 luxury single-family houses sold last month, a 11.9% decline year-to-year.

Single-family sales dollar volume hit $526.7 million, a 2.2% decline, and condo sales dollar volume was $377 million, falling 0.2%. At the same time, median prices rose to $365,000 for single-family homes and $245,000 for condos, representing increases of 2.8% and 6.5%, respectively.

Total sales in Broward dropped 5.3% year-over-year to 2,330. A 2.2% increase in single-family home sales to 1,174 was offset by an 11.8% decrease in condo sales to 1,156, the Miami Realtors report shows. As a result, single-family dollar volume grew by 5.4% to $538.1 million, but condo sales dollar volume sunk by 13.6% to $249.5 million. Yet, like Miami-Dade, median prices for single-family houses rose 4.2% to $375,000 and for condos rose 2.4% to $170,000.

The median price for a single-family home increased to $375,000, a 4.2 percent jump; and the median price for a condo increased 2.4 percent, to $170,000.

Palm Beach County had 2,124 total sales, a dip of 3.7%. Condo sales fell 8.5% to 930 while single-family sales rose only .04% to 1,194. Single-family dollar volume was $584.5 million, down 5.6% year-over-year. The Palm Beach condo market fared much better with dollar volume increasing 11.4% to $305.1 million, according to the report. The median price for a condo is $188,250, a rise of 6.5%, while the median price for a single-family slightly dipped .6% to $350,000.

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