Residential sales rose throughout South Florida last month – with one exception.
Condo and home sales increased in Miami-Dade and Broward counties in November, year-over-year, according to the Miami Association of Realtors. But single-family home sales declined in Palm Beach County, while an increase in condo sales kept overall residential sales essentially flat.
Residential sales increased 7 percent year-over-year to 2,046 closings. Both condo and single-family home sales rose last month, up 8.8 percent to 1,050 condos and up 5.2 percent to 996 single-family homes. The total sales volume jumped 15.5 percent to $916 million.
The $150,000 to $300,000 segment of the condo market saw the most deals close, while single-family homes priced between $250,000 and $600,000 sold the most.
Single-family home prices climbed to $355,000, up 5.2 percent from $330,000 in November 2017. The median price of a condo remained the same at $230,000.
Residential sales in Broward rose 4.3 percent to nearly 2,460 closings last month. Single-family home sales totaled 1,149, a 3 percent year-over-year increase. Condo closings jumped 5.4 percent to 1,311.
Median prices rose for both condos and single-family homes: up 3.8 percent to $166,000 for condos and up nearly 3 percent to $360,000 for houses.
Condo sales grew to 1,016 closings, up 6.1 percent year-over-year, while home sales declined by 4.3 percent to 1,189. Total residential sales increased only 0.2 percent in November, up four closings to 2,205.
Despite the drop in single-family home sales, prices kept growing. The median price for a house jumped 5.5 percent to $348,250 in Palm Beach County, and the median price for a condo increased to $176,750, up 2.8 percent year-over-year.