Residential Sales In South Florida Sputtered In November

Residential Sales In South Florida Sputtered In November

If you are wondering about how is the home sales in South Florida, the answer would be – it’s quite dormant out there. That’s what the latest data says which has been 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.

With 2,033 total sales in November, Miami-Dade recorded 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. At the same time, only 74 luxury single-family houses sold last month, a 11.9% decline year-to-year.

Median prices rose to $3,65,000 for single-family homes and $245,000 for condos, representing increases of 2.8% and 6.5%, respectively. Meanwhile, Single-family sales dollar volume hit $526.7 million, a 2.2% decline, and condo sales dollar volume was $377 million, falling 0.2%.

The Miami Realtors report shows that 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. As a result of this, condo sales dollar volume sunk by 13.6% to $249.5 million, but single-family dollar volume grew by 5.4% to $538.1 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.

With a 4.2 percent jump, the median price for a single-family home increased to $375,000; and the median price for a condo increased 2.4 percent, to $1,70,000.

Condo sales had 930 total sales, a dip of 8.5%. Palm Beach County sales plunged 3.7% to 2,124 while single-family sales rose only .04% to 1,194. Single-family dollar volume was $584.5 million, down 5.6% year-over-year.

According to the report, the Palm Beach condo market fared much better with dollar volume increasing 11.4% to $305.1 million. 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.


The real estate section is covered by David Carty. Need any information on prices, rises and falls in the market, or genuine advice on what properties to watch out for? David has proven his mettle in the field through stellar reporting and story creation.

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