Juiced by foreign buyers and investors, South Florida’s housing market registered strong gains in September.
The latest price and sales increases — mirroring a string of similar results in prior months — underscore a solid housing recovery for a region hard-hit by the real estate crash.
The median price of a single-family home in Miami-Dade County jumped 18.4 percent in September to $225,000 from $190,000 a year earlier, while the median condo price rose 21.3 percent year over year to $181,875 from $150,000, according to the Miami Association of Realtors.
In Broward, the median price for a single-family home jumped 31.7 percent in September to $270,000 from $205,000 a year earlier, and was up 18 percent to $104,999 from $89,000 for condos and townhouses year over year, according to the Greater Fort Lauderdale Realtors.
Sales of Miami-Dade single-family homes rose by 21.8 percent with 1,108 closings in September, up from 910 a year earlier, while Miami-Dade condo sales increased 4.6 percent to 1,352 closings from 1,292 a year earlier.
Miami-Dade — ground zero during the real estate bust — has now chalked up 27 consecutive months of year-over-year price increases for condominiums and 22 months of year-over-year price increases for single-family homes.
The housing market kept humming in Broward County, as well.
Sales of Broward single-family homes rose 13.4 percent in September to 1,211 from 1,068 a year earlier, and condo sales rose 6.6 percent to 1,252 units from 1,174 a year earlier.
“Everything is still trending up,” said Stephen B. McWilliam, president and broker at Florida StateRealty Group in Fort Lauderdale and immediate past president of the Greater Fort Lauderdale Realtors.
Cash continues to be king: 71 percent of Miami-Dade condo closings in September were cash deals.
“It’s putting a lot of strain on buyers with 5 percent or 10 percent down. They can’t have choices,” said Michael Davalos, an agent with Coldwell Banker in Miami Beach who just helped a buyer nail a deal on a foreclosed house after a protracted search.
Eric Schneider, a first-time homebuyer who was looking to put down 20 percent, said he made several offers in the past eight months that didn’t pan out before he finally clinched a foreclosed property in the Richmond Heights neighborhood. “Certainly, at times, there’s been a lot of competition,” said Schneider, who works in healthcare.
Inventory remained relatively tight in both counties during September, although the supply of Miami-Dade condos listed for sale jumped 20.5 percent to 8,970 units from 7,442 units a year earlier. That amounted to a 6.3-month supply, up from a 5.6-month supply in September 2012. Meanwhile, condos newly listed in Miami-Dade in September totaled 2,727, up from 2,212 a year earlier.
“It’s moving toward a more balanced market for condominiums,” said Lynda Fernandez, a spokeswoman for the Miami Realtors.
The inventory of Miami-Dade single-family homes rose 4.8 percent in September from a year earlier. With homes selling at a rapid clip, that amounted to just a 4.9-month supply in September, or 4.9 times the number of homes sold, down from a 5.6-month of supply a year earlier.
A supply of less than six months is typically regarded as a sellers’ market, in which sellers can call the shots and prices rise at a brisk pace.