Home sales in South Florida showed solid gains in September, but the Miami-Dade County condo market had a slow month, according to the Florida Realtors.
There were 4,199 sales of existing single-family homes in the tri-county area, a 9.7 percent increase from the same month a year ago. The median sales price grew 8.6 percent to $287,750.
The single-family home market statewide was even hotter than in South Florida. Sales surged 13.4 percent and the median sale price increased 11.1 percent to $199,900.
For existing condo/townhomes in South Florida, there were 3,929 sales in September, a 3.5 percent increase. The median sales price grew 3.3 percent to $155,000. Palm Beach County had the largest gains in the region.
Once again, the statewide condo/townhome market had faster growth. Sales increased 8.4 percent and the median sales price grew 5.1 percent to $150,000.
"We're seeing increases in both sales and prices in virtually every metropolitan statistical area (MSA) and in both single-family homes and townhouses and condos,” said Florida Realtors Chief Economist John Tuccillo. "Inventory continues to decline and those declines have now reached homes at the $250,000 level. However, with pending sales down, mortgage accessibility increasing and interest rates due to rise, we think the market will even out as we go forward into 2016.”
In Miami-Dade County, single-family home sales inched up 2.9 percent to 1,200 while the median sales price surged 14 percent to $285,000, according to the Miami Association of Realtors. Active listings declined 5 percent, so the inventory declined to a 5.1-month supply at the current sales pace. That’s a seller’s market.
The existing condo/townhome market in Miami-Dade wasn’t all that hot, as sales fell 8.3 percent to 1,307 while the median sales price inched up 2.8 percent to $200,500. The decline was mostly because of fewer cash sales, a sign that foreign investors were less active in the market. The strengthening of the U.S. dollar against key foreign currencies has deterred some buyers.
Despite that negative trend, more people were trying to sell. Active listing of condos/townhomes in Miami-Dade increased 6 percent, pushing the supply of inventory at 8.7 months. That’s closer to a buyer’s market than a seller’s market.
The question is how existing sales impact the new condo market. According to CraneSpotters.com, there are 103 condo projects east of Interstate 95 selling a combined 17,199 units and 71 percent of them have been sold. The mean minimum price per square foot for these units is $949.
A total of 31,530 new condos have been announced in easter Miami-Dade, though not all of them are in the sales phase.
In Broward County, single-family home sales increased 12.6 percent while the median sales price grew 7.6 percent to $290,500, according to the Greater Fort Lauderdale Realtors. The inventory of active listings decking 3.7 percent, which reduced the months supply of inventory to 4.4 at the current sales place. That’s a favorable market for sellers.
Condo/townhome sales in Broward grew 6.4 percent to 1,439 while the median sales price inched up 0.8 percent to $133,000. The inventory of active listings remained stable. There was a 5.8-month supply of inventory.
“It is always exciting to see numbers that continue to trend in the positive, especially when it is our key indicators like closed sales and average sale price received,” said John Castelli, president of the Greater Fort Lauderdale Realtors. “These indicators show that not only are people willing to pay the asking price, but they see the value in our market as a sustainable product.”
In Palm Beach County, single-family home sales jumped 12.8 percent to 1,529 while the median sales price grew 5.9 percent to $285,000, according to the Realtors Association of the Palm Beaches. Active listing fell 7 percent, so the months supply of inventory declined to 4.5. That looks like a good sellers market.
Condo/townhome sales in Palm Beach surged 16.2 percent while the median sales price climbed 15.5 percent to $145,500. Active listings fell 8 percent and the months supply of inventory tightened to 4.6.
