Despite sluggish sales in November, prices are still rising
2015 has been a strong year overall for South Florida real estate
Broward County did well for the month
There have been 12,857 existing single-family home sales so far this year, just shy of the 13,521 record set last year, according to a report from the Miami Association of Realtors released Tuesday. The county has broken its sales record in each of the last four years as the local economy improved and foreign investors poured cash into Miami real estate.
But the market has slowed in the last few months as Latin American and European economies struggle.
Single-family home sales in Miami-Dade fell by 6.7 percent in November 2015 compared to the same month last year. Condos sales were up 1.9 percent. The resale market for condos is limited by the amount of new construction on the market. Wealthy buyers prefer the latest in style and amenities.
The slower sales haven’t led to softening prices, especially in the single-family home market where inventory stands at a tight 5.5 months of supply.
The median sales price for single-family homes rose to $274,900 in November, up 12.2 percent year over year. The median sales price for condos hit $203,000, up 7 percent since November 2014.
Broward County, which is less reliant on international buyers, had a strong month, according to a report from the Greater Fort Lauderdale Realtors.
Broward’s single-family home sales jumped sharply to 1,184 in November, up from 1,008 in November 2014. That’s a 17.5 percent increase. Condo sales reached 1,173, up 3 percent year over year.
The median sales price for a single-family home in Broward in November rose 8.6 percent year over year to $295,000. The price for a condo was $126,500, up 4.6 percent since November 2014.