South Florida home sales soar in October

All three counties experienced double-digit jumps in total sales

Miami /
Nov.November 20, 2020 03:30 PM
(iStock)

(iStock)

Residential sales surged for a second straight month throughout South Florida.

Total home sales across the region reached nearly $4.6 billion in October, according to the Miami Association of Realtors.

Miami-Dade, Broward and Palm Beach counties all experienced double-digit jumps in sales, year-over-year, just as they did in September.

Sales dollar volume also soared last month, spiking by nearly 80 percent, year-over-year, in Palm Beach County.

While the months of supply for single-family homes decreased in Miami-Dade, Broward and Palm Beach counties, the months of inventory of condos increased in Miami-Dade and Broward counties. Pricing continued to rise across the tri-county area.

Miami-Dade

Residential sales rose 16.2 percent in Miami-Dade County last month, year-over-year, to 2,737 closings. Single-family home sales increased 15.7 percent to 1,326. Condo sales rose 16.7 percent to 1,411.

Closed dollar volume of single-family homes climbed 75.5 percent, to $988.3 million. Condo sales volume totaled $549.9 million, up 19.4 percent.

Median prices of single-family homes rose 19.2 percent, year-over-year, to $435,000, while condo prices increased 8.5 percent to $268,000.

Broward

Total home sales jumped 23.1 percent, year-over-year, to 3,241. Single-family home sales rose 23.2 percent to 1,656, while condo sales increased 23.1 percent to 1,585 closings in October.

Single-family dollar volume surged by 49.4 percent to $913.4 million. Condo dollar volume rose 41.2 percent, year-over-year, to $385.3 million.

Prices also continued to increase in Broward, with the median single-family home price rising 14.6 percent to $415,000, and the median condo price rising 12.5 percent to $189,000.

Palm Beach

Residential sales jumped 34 percent, year-over-year in Palm Beach County in October, to 3,233 closings. Single-family home sales rose 32.8 percent to 1,818, and condo sales climbed 35.7 percent to 1,415.

Single-family home dollar volume surged by 79.8 percent, year-over-year, to $1.3 billion. Condo dollar volume rose 55.2 percent to $440.7 million.

Single-family home prices increased 17 percent to $420,000, and condo prices rose 22.7 percent to $211,000.





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