Real Estate Trend Q.3 - South Florida
Residential sales mostly fell across South Florida in the third quarter, but pricing was still on the rise. Single-family home sales outperformed condo sales in many cities, even if they stayed flat or declined slightly. Inventory grew, year-over-year, in most of the top markets, but it is still well below pre-pandemic levels. The reports do not include off-market deals unless they were entered into the Multiple Listing Service. Here’s a breakdown by market:
Residential sales fell 11 percent in the third quarter, year-over-year, to 3,458 closings across coastal Miami mainland, which includes Greater Downtown Miami, Coconut Grove, Palmetto Bay and other neighborhoods.
Single-family home sales declined about 5 percent to nearly 1,600 closings. Condo sales dropped 16 percent to 1,861 sales. The median sale price of single-family homes grew 10 percent, year-over-year, to $668,000. For condos, it rose 8 percent to $440,000.
While inventory of single-family houses decreased 17 percent to 1,839 listings by the end of the third quarter, more condos were put on the market. Condo inventory rose nearly 9 percent to 3,319 active listings.
Miami Beach and the barrier islands Residential sales on the barrier islands of Miami Beach, Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside totaled 904 closings in the quarter, down 13 percent annually.
Single-family home sales remained flat at 92 closings, while condo sales dropped 14 percent to 812 sales. The median sale price for single-family homes rose 7 percent to $3 million. For condos, it grew 4.5 percent to nearly $540,000.
Inventory of single-family homes rose 14 percent to 349 listings. Condo inventory increased about 10 percent to 2,477.
Source: TheRealDeal.com / Oct 19, 2023 |
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