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South Florida home sales rise in Q3

December 3, 2019
South Florida’s housing market had a good Q3 as home sales rose (Credit: iStock)

South Florida’s housing market had a good Q3 as home sales rose (Credit: iStock)

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.

Miami-Dade

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.

Broward

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.

Palm Beach

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.

The post South Florida home sales rise in Q3 appeared first on The Real Deal Miami.

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