South Florida existing homes sales continue to sizzle in the face of rising mortgage rates and a dearth of inventory.
The median price of a single-family home in Miami-Dade jumped 21.1 percent to $230,000 in June from $190,000 a year earlier, as buyers duked it out over a tight inventory of homes for sale, the Miami Association of Realtors said.
The number of single-family homes sold in Miami-Dade increased 25.1 percent to 1,170 in June from 935 a year earlier but slipped 3.8 percent below May’s volume amid the shortage of listings.
The median price of a Miami-Dade condo rose 15.9 percent to $185,500 in June from $160,000 a year earlier. Condo sales rose 5.5 percent in June to 1,499 from 1,421 but down 10.3 percent from May, Miami Realtors said.
“There’s so much pent-up demand. Sellers are in control,” said Jim Brinker, an agent with One Sotheby’s International Realty in Miami Beach. “People are paying full price. There is no supply. There’s tons of demand.”
The story in Broward was similar, with the median price of a single-family home soaring 23.2 percent to $265,000 in June from $215,000 a year earlier, according to the Greater Fort Lauderdale Realtors.
Sales of Broward single-family homes rose 3.4 percent to 1,356 closings in June from 1,311 a year earlier, the group said.
The median price of a Broward condominium rose 22.2 percent in June to $105,000 from $85,900 a year earlier, but the number of sales closed in June dropped 8.8 percent to 1,355 transactions from 1,485 a year earlier, as fewer properties were listed for sale compared with already-low inventory a year earlier.
Sales of Broward condos plunged 18.2 percent in June from May, when 1,656 transactions were completed. Single-family sales dropped 7.1 percent in June from May.
Greater Fort Lauderdale Realtors cautioned that its data for June may be slightly skewed by a change in Multiple Listing Service providers in Palm Beach County, where some members’ Broward transactions are logged. Florida Realtors postponed announcing its statewide data for June Monday while it works out kinks in data in some areas, such as Palm Beach.
In June, 5,962 Broward condos were listed in the MLS, down from 6,120 a year earlier, the Greater Fort Lauderdale Realtors said.
Listings of single-family homes for sale in Broward dropped 14.4 percent in June to 4,225 from 4,935 a year earlier.
Broward had just a 3.4-month supply of single-family homes and a 4.3-month supply of condos and townhouses listed for sale in June, helping to create a sellers’ market in which prices tend to rise quickly. Typically a 6-month supply of homes — or six times the number of homes sold in a month — is considered a balanced market between buyers and sellers.
Houses for sale in Broward are being snapped up very quickly.
In June, the median time to sell a single-family home in Broward dropped to 29 days from 37 days in June 2012, and condos went in 37 days, down from 38 days a year earlier, the Greater Fort Lauderdale Realtors said.
Realtors say sellers are calling the shots, often getting their original asking price — and sometimes more.
In June, single-family homes in Broward fetched 96 percent of their original listing price on average, up from 93.3 percent a year earlier; condos and townhouses sold for 94.4 percent of original listing price, up from 93.8 percent in June 2012, according to the Greater Fort Lauderdale Realtors.