Residential home prices in South Florida changed again
DORAL, FL – The real estate market changed in November according to the latest reports. In general, residential home prices grew and sales went down at the same time.
In Miami-Dade County, the median price for single-family homes rose 12 percent to $615,000, while condo prices increased by 6 percent to $420,000.
Regarding total sales dollar volume, the county reached $1.3 billion in November. Dollar volume for single-family homes went up by 9 percent, year-over-year, to $698 million. Condo dollar volume fell 10 percent to $637 million.
On the other hand, total home sales fell 8 percent, year-over-year, to 1,651, while single-family home sales dropped 2 percent to 707, and condo sales also fell 12 percent to 944.
In Broward, single-family home median prices jumped 11 percent to $600,000. As far as condos goes, median prices rose 10 percent to $280,000.
Total home sales declined by 5 percent, year-over-year, to 1,830 closings, while single-family home sales fell 6 percent to 821 together with condo sales that experienced a drop of 4 percent to 1,009.
Dollar volume for Broward deals hit $1 billion, while dollar volume for single-family homes increased by 7 percent, year-over-year, to $648 million. Lastly, condo volume went up by 11 percent to $388 million.
In Palm Beach County while residential home prices grew, sales were in a good place according to the Miami Association of Realtors. Median prices for both single-family homes and condos increased 6 percent to $600,000 and $308,500, respectively.
Nevertheless, total home sales across Palm Beach County rose 3 percent to 1,695. Single-family home sales fell by 1 percent to 914 and condo sales increased by 8 percent to 781.
Sales dollar volume in Palm Beach hit $1.2 billion, fueled by a 26 percent annual surge in condo dollar volume, which totaled $394 million, while dollar volume for single-family homes increased by 2 percent, year-over-year, to $846 million, reports The Real Deal website.
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