South Florida home sales sputtered in November.
Sales of existing condos in Miami-Dade County plunged 15.5 percent in November from a year earlier to 1,077 units, according to the Miami Association of Realtors. Single-family home sales dipped 1 percent year over year to 972 units in November.
Miami-Dade existing condo sales in November were down 28.6 percent from October, which tallied 1,508 closings, and single-family home sales were off 19.3 percent from the prior month, when 1,204 sales were completed, the Miami Realtors said.
In Miami-Dade, the median price of an existing single-family home rose 5.4 percent to $245,000 in November from a year earlier, and the median price for an existing condo also rose 5.4 percent to $189,777.
Sign Up and Save
Get six months of free digital access to the Miami Herald
The inventory of existing condos soared to 11,515 units in November, up 16.9 percent from a year earlier. Existing condos listed for sale are facing rising competition from the various pre-construction projects around Miami that offer the latest amenities, albeit at higher prices per square foot than existing inventory.
The condo inventory amounted to 8.4 months of supply, the highest level since the housing recovery took hold. Experts typically consider six months of inventory, or six times the number of units sold in a month, as a balanced market between buyers and sellers with less than that favoring sellers and more than that giving buyers more leverage.
In Miami-Dade, the inventory of single-family homes rose 8.3 percent in November from a year earlier, with 6,365 houses listed in the Multiple Listing Service. That amounted to 5.7 months of supply.
Single-family homes in Miami-Dade sold at a median pace of 47 days on the market in November, up from 39 days last year. Condos sat on the market for a median of 57 days before finding a buyer, up from 44 days in November 2013.
In Broward, sales of existing single-family homes and condominiums fell below year ago levels in November, the first year-over-year decline since August.
Single-family home sales in Broward dropped 6.1 percent in November to 1,008 units, according to the Greater Fort Lauderdale Realtors, while the number of condos sold fell 5.8 percent from a year earlier to 1,139 closings.
“Considering the steady rise of closed sales in the past several months, statistics like this are bound to happen,’’ Marnie E. Allen, president of Greater Fort Lauderdale Realtors, said in a statement.
In November, sales of single-family homes were down 27.6 percent from October, which was a strong month, while condo sales fell 21 percent from October levels.
The median price of an existing single-family home in Broward dipped 1.1 percent to $267,000 in November from $270,000 a year earlier, the first year-over-year decline since January 2012. The median price of an existing condo rose 3.4 percent to $121,000 from $117,000, the Greater Fort Lauderdale Realtors said.
Homebuyers have a lot more choices as the inventory of homes and condos listed for sale in Broward continued to increase in November.
In November, 6,522 homes were listed on the Multiple Listing Service, an increase of 28 percent from a year earlier, while 8,451 condos were listed, up 18 percent year over year.
That amounted to 5.2 months of supply of single-family homes and 6.2 months of supply of condos.
Buyers negotiated slightly more price discounts in November, according to the statistics. Single-family homes sold at an average of 93.5 percent of original list price, compared with 95.3 percent a year earlier. Condos fetched on average 91.9 percent of original list price, down from 94.4 percent in November 2013.
Homes are sitting on the market longer, too. Single-family homes found a buyer in a median of 41 days, up from 31 days in November 2013, while condos sat on the market a median of 50 days, up from 36 a year earlier.