Pavilion from the Ocean

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South Florida existing home prices rose sharply in August amid tight inventory

The peak summer home buying season kept sizzling in South Florida during August.

The median price of a single-family home in Miami-Dade County leaped 20.5 percent in August to $235,000 from $195,000 a year earlier, according to the Miami Association of Realtors.

Single-family home sales rose 15.1 percent in Miami-Dade to 1,210 closings in August from 1,051 a year earlier, the Miami Realtors said.

The inventory of single-family homes listed for sale in Miami-Dade increased 3.1 percent, but amid strong demand, that level amounted to just a 4.9-month supply of homes on the market, down from a 5.7-month supply a year earlier.

Sales of Miami-Dade single-family homes dipped 1.4 percent in August from July, while the median price rose 2.2 percent month to month.

Miami-Dade’s condo market also continued its dramatic recovery in August. The median price of a Miami-Dade condominium rose 27.5 percent in August to $190,000 from $149,000 a year earlier and was up 5.6 percent from July’s median of $180,000.
Sales of Miami-Dade condos rose 7.9 percent in August to 1,592 units from 1,476 a year earlier, but declined 3.5 percent from July’s level of 1,538 closings.

“The Miami real estate market continues to attract record numbers of domestic and international buyers and investors,” Natascha Tello, chairman of the Miami Realtors, said in a statement. “Such demand for Miami properties is driving robust price appreciation despite the fact that more properties are being listed for sale. Current levels of supply reflect a seller’s market, as more consumers are realizing it’s a good time to sell.”

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