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.