South Florida home sales rise in Q3December 3, 2019
Home sales, dollar volume and median prices rose across South Florida in the third quarter, driven by an influx of buyers from high-tax states and declining mortgage rates. The one down note was condo sales in Palm Beach County, which dipped 1.8 percent in the same year-over-year comparison.
The numbers from the Miami Association of Realtors reflect a strong September, when sales in Miami-Dade and Broward counties climbed by double digits. July was also solid, as sales dollar volume soared, particularly in Palm Beach County. August proved to be a slow month, with a drop in closings across the region.
Sales of single-family homes and condos increased in the third quarter in Miami-Dade County.
Total sales rose 4.6 percent, year over year, to 7,104. Single-family home sales jumped 7.5 percent to 3,514. Condo sales inched up 1.9 percent to 3,590.
Single-family sales dollar volume climbed by 13.4 percent to $2 billion, while condo sales volume remained flat at $1.3 billion.
The median price for single-family homes increased 2.8 percent to $370,000, while the median price for condos rose 4.3 percent to $245,000.
In Broward County, single-family home sales rose 4 percent in the third quarter, year over year, to 4,299 sales. Condo sales jumped 6.4 percent to 4,383.
Single-family and condo dollar volume also grew, up 7.7 percent to $2 billion, and up 6.6 percent to $951 million, respectively.
The median price for a single-family home increased to $370,000, a 4.2 percent jump, and the median price for a condo increased 4.8 percent, to $173,000.
Total Palm Beach home sales rose 3.8 percent, to 8,046. Single-family home sales jumped 8.3 percent, year over year, to 4,697. Condo sales fell, however, by 1.8 percent, to 3,349.
Dollar volume soared by 19.6 percent for single-family homes, to $2.6 billion. For condos, dollar volume climbed by 16.5 percent to $1 billion.
The median price for single-family homes rose 2.9 percent to $345,000, while the median price for condos increased 3.4 percent to $185,000.