Real Estate News

Miami-Dade real estate got a post-Trump bump in November

This Wednesday, Dec. 7, 2016, photo shows a house for sale in Hialeah.
This Wednesday, Dec. 7, 2016, photo shows a house for sale in Hialeah. AP

Real estate in Miami-Dade County got a post-Donald Trump bump in November.

The number of existing single-family home sales jumped 13.1 percent compared to November 2015, according to a monthly report released Wednesday by the Miami Association of Realtors.

“The political uncertainty led some home buyers to pause and take a wait-and-see approach with real estate,” Mark Sadek, chairman of the Realtor’s association, said in a statement. “Now that the election is over and there’s more certainty about the direction of the country, home buying should increase for a South Florida region that’s seeing sustained population and job growth.”

The prospect of the Federal Reserve raising interest rates, which could lead to higher mortgage rates, may also have spurred some homebuyers to close deals quickly, according to Svenja Gudell, chief economist at Zillow.

The market was particularly good for single-family homes. Miami-Dade’s 1,025 single-family sales in November were the most since November 2009, the association said.

Condo sales went the other way in November, dropping 11.4 percent year-over-year. Overall, residential sales stayed relatively stable, dropping just .3 percent.

That’s a big improvement over past months. Existing home sales fell 22 percent in October, 15 percent in September, 3 percent in August and 21 percent in July.

Prices also continued to rise. For single-family homes, the median sales price in November was $310,000, up 13.1 percent annually. Condo prices rose to $217,250, up 7 percent.

The condo market remains slanted in the buyer’s favor, with 13 months supply of inventory. Single-family inventory is more balanced at six months. A healthy market generally has between six and nine months of inventory.

Statistics for Broward County have not yet been released.

Nicholas Nehamas: 305-376-3745, @NickNehamas