Residential sales experienced a surge in September throughout South Florida, according to the Miami Association of Realtors.
Miami-Dade, Broward and Palm Beach counties all experienced double-digit jumps, year-over-year, in total sales.
While the months of supply for single-family homes decreased in Miami-Dade, Broward and Palm Beach counties, the inventory of condos increased in all three counties. Pricing continued to rise across the board.
Residential sales grew by 12.5 percent in Miami-Dade County last month, year-over-year, to 2,521 closings. Single-family home sales surged to 1,288, a 19.3 percent annual increase. Condo sales rose by 6.3 percent to 1,233.
Closed dollar volume of single-family homes grew by 55 percent, up to $975.8 billion. Condo sales volume totaled $490.8 million, up 26.3 percent.
Median prices of single-family homes increased 15.2 percent, year-over-year, to $435,000, while condo prices increased 8.2 percent to $265,000.
Total home sales jumped 14.5 percent, year-over-year, to 2,984. Single-family home sales increased by nearly 25 percent to 1,535, while condo sales increased by 5.2 percent to 1,449 closings in September.
Single-family dollar volume surged by about 64 percent to $873.4 million. Condo dollar volume increased 15.5 percent, year-over-year, to $337.8 million.
Prices also continued to increase in Broward, with the median single-family home price rising 15.6 percent to $425,000, and median condo price rising 11.8 percent to $190,000.
Residential sales surged in Palm Beach County in September, increasing 28.7 percent, year-over-year, to 3,001 closings. Single-family home sales jumped 28.6 percent to 1,744, and condo sales rose nearly 29 percent to 1,257.
Sales volume of houses increased by about 48 percent, up to $1.1 billion. Condo dollar volume rose by 38.6 percent to $417.6 million.
Single-family home prices increased 12.7 percent to $400,000, and condo prices rose by 9.4 percent to $206,250.