South Florida condo sales outperform home sales in OctoberNovember 24, 2018
Residential sales across South Florida were up in Miami-Dade, Broward and Palm Beach in October, with condo closings rising roughly 20 percent in each county.
Increases in both home sales and median prices last month were due in part to heightened demand spurred by concerns of rising interest rates, according to the Miami Association of Realtors.
Residential closings rose nearly 15 percent year-over-year in Miami-Dade County to 2,284, marking the fourth consecutive month of sales increases. Condo closings jumped 21.3 percent to 1,211, with the bulk of deals occurring in the $150,000 to $400,000 range.
Sales of single-family homes increased 8.1 percent, up to 1,073. The majority of deals were for homes in the $250,000 to $600,000 range. Overall sales volume totaled $949 million in Miami-Dade.
The median price of single-family homes increased 2.9 percent to $350,000, while condo prices rose 8.7 percent to $235,000.
A recent report found that Miami homes sat on the market for an average of 84 days, one of the longest periods in a survey of 53 U.S. metros. But according to the Miami Association of Realtors, the median number of days between listing and contract for single-family homes was 43 days, an 8.5 percent drop from the previous October.
Residential sales were up 15.1 percent year-over-year in October to nearly 2,800 sales totaling $918.5 million. Condo sales surged 20 percent to 1,476, while single-family home sales rose 10.1 percent to 1,322.
The sweet spot for condo sales was the $200,000 to $400,000 sector with 436 such sales in October, while for single-family homes, closings rose thanks to a nearly 33 percent increase in sales in the $400,000 to $600,000 price range.
The median price increased for condos – up 1.3 percent to $157,000 – and single-family homes, which jumped 6 percent to $355,000.
Overall residential sales in Palm Beach County continued to perform well last month. Condo sales surged to 1,074 closings, up 19.2 percent compared to the previous October. Single-family home sales jumped 15.6 percent to 1,458.
The bulk of condo sales in Palm Beach County were for units priced from $50,000 to $250,000.
Median prices are still trending upward – rising 9.5 percent to $185,000 for condos and 6.8 percent to $347,250 for single-family homes.