Up and down: Real estate deals in Miami-Dade and Broward head in opposite directions
The Miami-Dade and Broward County residential markets are moving in very different directions, according to a new report.
The number of transactions decreased in Broward by 8.5 percent when comparing October 2021 to October last year, while they increased by almost the same percentage in Miami-Dade, according to the latest Miami Association of Realtors residential sales reports released Monday.
Broward recorded 2,967 condo and single-family deals last month, down from 3,241 deals in October 2020.
However, sales activity this year remains strong for Miami-Dade. The county clocked 2,978 sales last month, up 8 percent when compared with 2,737 sales in October 2020.
Investors and foreign buyers are anticipated to drive demand for the residential market in the months ahead, said James Andrews, senior managing director at the real estate research and appraisal firm Integra Realty Resources.
“Foreign buyers will come in, especially if inflation becomes an issue,” he said. “When we see inflation, prices go up and the value of the dollar goes down [and] inflation will occur to a greater extent in Latin America and Europe.”
Miami-Dade
Median sales prices rose for houses by 12.6% — from $435,000 to $490,000 — and by 21.9% for condos — from $268,000 to $326,790, when comparing October 2020 to October 2021.
Houses closed at 98.7% of the listing price, up from 97% last year. Condos closed at 97.3% of the listing price in October, higher than 94.4% last year.
Cash buyers comprised 37% of total sales, up from 29.3% in October 2020. The volume of cash buyers exceeded the national average of 24%.
The county has 2.2 months of supply of single-family homes and 4 months of condos.
Broward
Median sales prices rose for houses by 17.8% — from $415,000 to $489,000 — and by 20.6% for condos — to $227,950 from $189,000, when comparing October 2020 to October this year.
Houses closed at 99.2% of the listing price, up from 97.6% last year. Condos closed at 97.5% of the listing price in October, higher than 95.3% last year.
Cash buyers comprised 39.1% of total sales, up from 30.4% in October 2020. The volume of cash buyers exceeded the national average of 24%.
Broward has 1.4 months of supply of single-family homes and 1.9 months of condos.
This story was originally published November 22, 2021 at 7:24 PM.
