South Florida’s housing market is on the rebound, continuing months of moderately paced growth.
Home sales and prices for the region were up in March compared to the previous year, according to the latest monthly reports from the Miami Association of Realtors and the Greater Fort Lauderdale Realtors.
In Miami-Dade County, sales for existing single-family homes and condos were up 6.8 percent year-over-year, with most of the growth coming from single-family. New luxury condo projects coming onto the market are slowing sales for existing condo units.
Home prices also continued their upward rise since the local housing market began to recover from the crash in 2012.
The median sales price for a single-family home was $260,000, up from $235,000 in March of last year. The median sales price for a condo was $215,000, up from $200,000 last year.
Broward County also made gains with the median sales price for a single-family home hitting $290,000 in March, compared to $269,450 last year. Condo prices increased to $129,900 from $120,000.
The number of transactions also went up in Broward after two months of slower growth.
Single-family home sales were up 15.9 percent year-over-year while condo sales increased 8.4 percent.
One troubling sign for Miami’s condo market, which real estate watchers believe is set for a cooling down period: The number of condos on the market in March equates to a nine-month supply of inventory, up from a 7.5 month supply in March 2014.
A healthy market generally has between six and nine months of supply — meaning that Miami may soon be dealing with another round of empty units and canceled projects once the newer buildings are finished.
There are 73 towers with 9,558 units under construction in Miami east of I-95, according to the report.
Broward County, which has drawn less interest from investors and international buyers, had a 6.5 month supply of condos in March, up from 5.7 months at the same time last year.