The latest on South Florida home resales: There isn’t much on the shelf, and it’s going fast.
Amid an exceptionally tight inventory of residential properties for sale, October sales of existing single-family homes spiked 41.9 percent in Miami-Dade from a year earlier to 1,142 units while the number of condo resales climbed 13.1 percent to 1,437 units year over year.
The median price for an existing single-family home in Miami-Dade rose 5.8 percent to $185,000 in October from a year earlier, underscoring the housing recovery is well rooted. For condos, the median price jumped 24.4 percent to $146,000.
In Broward County, existing home sales data were also decidedly rosy.
October sales of single-family homes in Broward soared 20.9 percent while townhouse and condo sales in the county increased 16.5 percent from a year earlier. Those double-digit increases came amid a 49.1 percent plunge in the inventory of single-family homes for sale and a 43.2 percent drop in condos and townhouses on the market in Broward in October compared to a year earlier, the Greater Fort Lauderdale Realtors said.
The median sales price for an existing home in Broward jumped 15.9 percent to $211,000 in October from $182,100 a year earlier, according to the Greater Fort Lauderdale Realtors. The median sales price for an existing condo or townhouse in Broward rose 14.6 percent year over year in October to $90,000 from $78,500.
For Miami-Dade, the report from the Miami Association of Realtors marks the 11th consecutive month of year-over-year price gains for single-family homes. Miami-Dade condo prices have marched higher for 16 months in a row.
The inventory of residential listings in Miami-Dade dropped 22.2 percent in October to 11,769 from 15,127 a year ago.
“There is a steady increase in prices, and buyers are starting to realize if they don’t get in to this market now, they never will,” said Doug DeWitt, a broker with Concierge Real Estate Services in Miami Beach. “The bottom is past us.”
Palmetto Bay resident Mark Goldman and his wife recently bought a one-bedroom, one-bath condo in North Bay Village for $114,000 cash as an investment.
“We’ve been looking for a while, and as we’ve seen the market starting to bounce back, we did the math,” said Goldman, who sees the housing recovery mirrored in a resurgence in his own audio-visual business. “We had the place rented within a week.”
Homes are selling faster than last year: The median days on the market in Miami-Dade is 39 for single-family homes and 43 for condos, the Miami Realtors said.
“I see super-strong sales and lots of interest in any property that comes on the market,” said Lisa Doherty, an agent with RE/MAX Advance Realty. Properly priced homes in good areas quickly fetch multiple offers, she added, and everything from modestly priced condos to fancy homes are going.
In Broward, single-family home sales have posted year-over-year prices gains for 14 consecutive months and for 18 of the past 22 months, while year-over-year condo sales have risen for 11 months running, according to Greater Fort Lauderdale Realtors.
“The year-over-year median price of Broward County residential housing has continued to strengthen while the decrease in the number of months supply of inventory and available inventory provides a support base for rising housing prices,” said Stephen B. McWilliam, president of the Greater Fort Lauderdale Realtors, said in a statement.