Home sales pick up in Miami-Dade but drop in Broward
The total number of home sales picked up in Miami-Dade County but fell in Broward.
According to the Miami Association of Realtors October report released Thursday, the total number of sales for luxury homes priced above $1 million and median-priced homes increased in Miami-Dade County by 3.1% year-over-year, from 1,073 to 1,146.
Single-family home sales rose by 2.3%, compared to the first 10 months of last year. Condo sales grew by 0.5%.
The association compared data from October 2018 to October 2019 from the Multiple Listing Service.
The total number of sales for luxury and median-priced homes in Broward County declined by 5.9%, from 2,799 to 2,632 sales, during this period. The number of single-family home sales increased by 1.7%, or from 1,322 to 1,344, but condo sales dipped by 12.8%, from 1,477 to 1,288.
The price of mid-range homes increased in both counties.
Single-family home prices in Miami-Dade County rose by 6.8% year-over-year, from $350,000 to $365,000. Condos had a 5.1% median price increase, from $235,000 to $247,000.
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Median home prices increased in Broward, too. The county had a 2% increase in single-family home prices, from $355,000 to $362,000. Condos increased by 7% from $157,000 to $168,000.
The median number of days between listing and closing for single-family homes in Miami-Dade County was 95 days, a 6.7 % increase year-over-year. For condos, the median number remained constant at 113 days.
In Broward, the median number of days between listing and closing for single-family homes was 88 days, a 6 % increase year-over-year. For condos, the median number of days was 92 days, or 5.7 % year-over-year.
The number of homes purchased with cash in South Florida still exceeds that of the national average despite a dip in activity. Cash transactions in Miami-Dade County comprised 32.6% of total closed sales in October 2019, compared to 37.2% in October 2018. Cash transactions in Broward comprised 31.9% in October 2019, compared to 38.6% last year.
The national average of 19% cash transactions remained consistent.
This story was originally published November 25, 2019 at 4:30 AM.
