Real Estate News

Miami-Dade and Broward home prices continue to go up — but the number of sales dipped

Median single-family home prices in Miami-Dade climbed 2.8 percent in August, from $360,000 to $370,000, marking the 93rd consecutive month of growth — or a streak of nearly eight years.

Existing condo prices in Miami-Dade also went up 5.1 percent — from $230,000 to $241,635 — according to the Miami Association of Realtors.

Broward single-family homes also went up 2.7 percent, from $360,000 to $369,750, while condo prices climbed 6.7 percent, from $165,500 to $176,540.

The August 2019 reports were released Thursday and use data from the Multiple Listing Service (MLS).

But the overall number of sales of single-family homes and condos dipped in both counties year-over-year. Miami-Dade sales fell 2.9 percent, from 2,444 to 2,374. Broward sales dropped 3.9 percent year-over-year, from 3,011 to 2,895.

The median number of days between listing and closing for single-family homes in Miami-Dade was 98, a 10.1 percent increase year-over-year. The median number of days on the market for condos in Miami-Dade was 114, a 3.4 percent drop year-over-year.

In Broward, single-family homes spent a median number of 84 days on the market, a 7.7 percent increase year-over-year. The median time for Broward condos was 89 days, a 4.3 percent increase.

South Florida continued to lead the U.S. in the number of cash sales, although the volume of transactions dipped. In Miami-Dade, 31.6 percent of closed sales in August were paid in cash, down from 37.1 percent last year.

Cash transactions in Broward also fell year-over-year, down to 31.9 percent from 35.1 percent in 2018.

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Rebecca San Juan writes about the real estate industry, covering news about industrial, commercial, office projects, construction contracts and the intersection of real estate and law for industry professionals. She studied at Mount Holyoke College and is proud to be reporting on her hometown.
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