Miami luxury condo sales over $1 million rose 4.1% last month (Photo by Roberto Machado … [+]
Home sales in South Florida are stagnant, according to the latest data released by the Miami Association of Realtors. In November, Broward and Palm Beach counties experienced a drop in condo closings while single-family home sales took a dip in Miami-Dade. The figures are a continuation of October’s results that showed a decline in condo sales across the tri-county area and in single family sales in Palm Beach.
Miami-Dade had 2,033 total sales in November, a .6% dip compared to the same month last year. Of that total, 972 were single-family homes, representing a 2.4% drop. Total condo sales crept up 1% to 1,061, but luxury condo sales over $1 million climbed 4.1% to 51 in November. Meanwhile, only 74 luxury single-family houses sold last month, a 11.9% decline year-to-year.
Single-family sales dollar volume hit $526.7 million, a 2.2% decline, and condo sales dollar volume was $377 million, falling 0.2%. At the same time, median prices rose to $365,000 for single-family homes and $245,000 for condos, representing increases of 2.8% and 6.5%, respectively.
Total sales in Broward dropped 5.3% year-over-year to 2,330. A 2.2% increase in single-family home sales to 1,174 was offset by an 11.8% decrease in condo sales to 1,156, the Miami Realtors report shows. As a result, single-family dollar volume grew by 5.4% to $538.1 million, but condo sales dollar volume sunk by 13.6% to $249.5 million. Yet, like Miami-Dade, median prices for single-family houses rose 4.2% to $375,000 and for condos rose 2.4% to $170,000.
The median price for a single-family home increased to $375,000, a 4.2 percent jump; and the median price for a condo increased 2.4 percent, to $170,000.
Palm Beach County had 2,124 total sales, a dip of 3.7%. Condo sales fell 8.5% to 930 while single-family sales rose only .04% to 1,194. Single-family dollar volume was $584.5 million, down 5.6% year-over-year. The Palm Beach condo market fared much better with dollar volume increasing 11.4% to $305.1 million, according to the report. The median price for a condo is $188,250, a rise of 6.5%, while the median price for a single-family slightly dipped .6% to $350,000.