Residential sales are showing signs of a slowdown, at least compared to last year, as inventory of single-family homes is running dry in this banner year for South Florida real estate.
In Miami-Dade and Broward, closed sales in the first 10 months of the year surpassed all of 2020, according to reports from the Miami Association of Realtors. In Palm Beach County, condo sales did the same. Median prices are on the rise across counties and property types.
Home sales in October totaled $5 billion for the tri-county region, marking an annual increase compared to October 2020. Residential sales rose only in Miami-Dade County, the reports show.
Residential sales increased 8.8 percent in October, year-over-year, to 2,978 closings, thanks to a big bump in condo closings. Single-family home sales declined 12.4 percent to 1,161, while condo sales rose 28.8 percent to 1,817.
Compared to October 2019, pre-pandemic, residential sales increased 26.5 percent, with single-family home sales up 1.3 percent and condo sales up 50.3 percent.
Fewer single-family homes are hitting the market, down nearly 2 percent, year over year to 1,593, while new condo listings grew by 1.4 percent to 2,429. Overall inventory of both condos and single-family homes decreased significantly, down 45.4 percent and 26 percent, respectively.
The median price of a single-family home rose 12.6 percent to $490,000, and up 21.9 percent for condos to $326,790.
Total dollar volume came out to $1.9 billion, with single-family dollar volume rising 1.3 percent to $1 billion, and condo dollar volume up 74.2 percent to $957.6 million.
In Broward, residential closings dropped 8.5 percent to 2,967 compared to October 2020. Single-family home sales decreased 16.3 percent to 1,386, and condo sales fell slightly, by 0.3 percent to 1,581.
New listings of single-family homes dropped 18.5 percent to 1,986, and new listings of condos fell to 2,003, a 9.2 percent annual drop. Overall inventory of single-family homes decreased 32.9 percent to 2,198 last month. Condo inventory decreased 54.6 percent to 7,720 listings, according to the reports.
Prices rose for both houses and condos. The median price of a single-family house surged by 17.8 percent to $489,000. For condos, it jumped 20.6 percent to $227,950.
Dollar volume in Broward County totaled $1.3 billion, with single-family home dollar volume inching upward by $1 million, or 0.1 percent, to $912.4 million. Condo dollar volume increased 21.7 percent, year-over-year, to $468.9 million.
Palm Beach County experienced a 13.1 percent drop in residential sales last month, to 2,809 closings, which the Realtors’ association attributes to a lack of inventory and the comparison to 2020, another record year.
Single-family home sales decreased 19.1 percent to 1,471, while condo sales fell 5.4 percent to 1,338. New listings of single-family homes decreased 17.3 percent to 2,049. New listings of condos declined 16.6 percent to 1,509. Inventory of single-family homes decreased 46.5 percent, year-over-year, to 2,212, while condo inventory decreased 64.4 percent to 1,917.
The median price of single-family homes totaled $500,000, a 19 percent increase compared to October 2020. The median price of condos rose to $237,000, a 12.3 percent annual increase.
Total dollar volume amounted to $1.7 billion, with single-family dollar volume dropping 7.2 percent to $1.2 billion, and condo dollar volume rising 6.9 percent to $471.2 million.