According to a new report from the Florida Realtors, home sales in South Florida showed solid gains for the month of September, but condo sales were down in Miami-Dade County for the same period last year. There were 4,199 sales of existing single-family homes in the tri-county area, a 9.7 percent increase with a median sales price of $287,750, up 8.6 percent from the same month a year ago. The single-family home market statewide increased even more than in south Florida with a 13.4 percent up-tick, as the median sales price reached $199,900, an increase of 11.1 percent.
The same can’t be said for the existing condo/townhomes market in South Florida. With 3,929 sales in September (a 3.5 percent increase) the median sales price only grew 3.3 percent to $155,000. Statewide the condo/townhome market had faster growth with sales increasing by 8.4 percent and a median sales price of $150,000 up 5.1 percent.
“We’re seeing increases in both sales and prices in virtually every metropolitan statistical area (MSA) and in both single-family homes and townhouses and condos,” said Florida Realtors Chief Economist John Tuccillo. “Inventory continues to decline and those declines have now reached homes at the $250,000 level. However, with pending sales down, mortgage accessibility increasing and interest rates due to rise, we think the market will even out as we go forward into 2016.”
