SoFla home sales fall in November on condo closings decline

Total home sales fell across South Florida in November, reflecting a decline in condo closings in Broward and Palm Beach counties.

In Miami-Dade, condo sales rose marginally, but single-family home sales dropped, according to the newly released figures, from the Miami Association of Realtors.
Other counties recorded a slight rise in sales of single-family homes.

The November results follow a similarly choppy October, when condo sales declined across the region, and single-family home sales rose in Miami-Dade and Broward, but fell in Palm Beach.

The third quarter was a strong one, however, with sales rising across the tri-county area. The exception was condo sales in Palm Beach County.

Miami-Dade

Total sales in Miami-Dade County dropped slightly in November — year-over-year — by 0.6 percent to 2,033. Single-family home sales fell 2.4 percent to 972. Condo sales increased 1 percent to 1,061.

Meanwhile, luxury condo sales of over $1 million rose 4.1 percent in November, year-over-year, to 51. But luxury single-family sales plummeted by 11.9 percent to 74.

As a result, single-family sales dollar volume decreased 2.2 percent to $526.7 million, while condo sales dollar volume fell 0.2 percent, to $377 million.

The median price for single-family homes increased 2.8 percent to $365,000, while the median price for condos rose 6.5 percent to $245,000.

Broward

In Broward County, total sales decreased 5.3 percent, year-over-year to 2,330, due to a lack of inventory at lower prices, according to the Miami Association of Realtors. Single-family home sales increased 2.2 percent to 1,174. Condo sales fell 11.8 percent to 1,156.

Single-family dollar volume was up 5.4 percent to $538.1 million. Condo sales dollar volume plummeted 13.6 percent to $249.5 million.

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

Total Palm Beach County total sales fell 3.7 percent to 2,124. Single-family home sales increased 0.4 percent to 1,194, while condo sales dropped 8.5 percent to 930.

Single-family dollar volume decreased, down 5.6 percent for single-family homes, to $584.5 million. Yet condo dollar volume increased by 11.4 percent, to $305.1 million, according to the report.

The median price for single-family homes increased 0.6 percent to $350,000, while the median price for condos rose 6.5 percent to $188,250.