Real Estate News

Condo sales volume falls in Miami-Dade

A sign posted outside a home for sale on Southwest 73rd Avenue in Pinecrest on Wednesday, June 10, 2015.
A sign posted outside a home for sale on Southwest 73rd Avenue in Pinecrest on Wednesday, June 10, 2015. MIAMI HERALD STAFF

Single-family homes in Miami-Dade County sold at a good clip in September, but it was a down month for condos.

The housing market in Broward County was strong in both sectors.

In Miami-Dade, 1,200 single-family homes were sold in September, up 2.9 percent from September 2014, according to a monthly report released Thursday by the Miami Association of Realtors. But condo and townhome sales fell to 1,307 for the month, down 8.3 percent year over year.

Miami’s downtown building boom is now starting to bear fruit, with about 4,000 new condo units scheduled to hit the market next year. The new inventory and a strong dollar are combining to depress existing condo sales, particularly by foreign buyers.

Cash deals — a good proxy for foreign buyers — fell to 48.7 percent of all home sales in September, down from 55.8 percent in September 2014, the association said.

$285,000Median sales price for a single-family home in Miami-Dade

Prices remained strong in both sectors, but especially for single-family homes, where inventory now stands at a tight five months of supply. A healthy market generally has between six and nine months of supply.

Median single-family home sales prices in Miami-Dade hit $285,000 in September, compared to $250,000 in September 2014. That’s up 14 percent. Median condo prices rose to $200,500 from $195,00 a year ago, up 2.8 percent. Condo inventory is rising steadily and now stands at about nine months.

Meanwhile, in Broward County, which is less reliant on foreign buyers, sales and prices were up in both categories.

$290,500Median sales price for a single-family home in Broward

Broward had 1,470 single-family home sales in September, up 12.6 percent from September 2014, according to the Greater Fort Lauderdale Association of Realtors. Condo and townhome sales for the month stood at 1,439, up 6.4 percent year over year.

The median sales price for single-family homes jumped to $290,500 in September, up 7.6 percent from a year ago. Condo prices ticked up slightly to $133,000, up 0.8 percent year over year.

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