South Florida home sales choppy in October

Condo sales were down across the region

TRD MIAMI /
Nov.November 22, 2019 05:00 PM
South Florida’s housing market was a mixed bag in October

South Florida’s housing market was a mixed bag in October

October was a rough month for home sales in South Florida.

Single-family home sales rose in Miami-Dade and Broward counties in October, but fell in Palm Beach County, and condo sales declined across the region, according to newly released figures from the Miami Association of Realtors.

The October results follow a strong third quarter, when sales rose across the tri-county region, with the exception of condo sales in Palm Beach County. The third quarter figures reflected a strong September, when sales in Miami-Dade and Broward counties climbed by double digits.

Miami-Dade

In October, total sales in Miami-Dade County rose 3.1 percent, year over year, to 2,355. Single-family home sales jumped 6.8 percent to 1,146. Condo sales declined marginally by 0.2 percent to 1,209.

Meanwhile, luxury sales of over $1 million climbed 13.8 percent in October, year over year, to 140. Luxury single-family sales surged 16.7 percent to 77, while luxury condo sales rose 10.5 percent to 63.

As a result, single-family sales dollar volume jumped 7.7 percent to $563.1 million, while condo sales dollar volume rose 8.1 percent, to $460.7 million.

The median price for single-family homes increased 6.8 percent to $365,000, while the median price for condos rose 5.1 percent to $247,000.

Broward

In Broward County, total sales decreased 5.9 percent, year-over-year to 2,632, due to a lack of inventory at lower prices, according to the Miami Association of Realtors. Single-family home sales increased 1.7 percent to 1,344 sales. Condo sales fell 12.8 percent to 1,288.

Single-family dollar volume was up 3.6 percent to $611.6 million. Condo sales dollar volume plummeted 16.9 percent to $272.9 million.

The median price for a single-family home increased to $362,000, a 2 percent jump; and the median price for a condo increased 7 percent, to $168,000.

Palm Beach

Total Palm Beach County sales fell 4.8 percent to 2,412. Single-family home sales declined 6.2 percent to 1,369, while condo sales dropped 2.9 percent to 1,043.

Dollar volume also plummeted, down 10.8 percent for single-family homes, to $790.3 million, and down 0.3 percent for condos, to $284 million.

The median price for single-family homes rose 3.3 percent to $359,000, while the median price for condos decreased 7 percent to $172,000.


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