South Florida house hunters may finally be catching a break. After months of increases, the median price for single-family homes appears to be stabilizing.
In Miami-Dade County, the median sales price dipped to $450,000 in February despite shrinking supply, according to the Miami Realtors Association latest sales report. That marks a 4% dip from its record high of $470,000 in January, and the first decrease in single-family home prices since the COVID-19 lockdown a year ago.
The price decrease came as a surprise to Nancy Corey, the southeast Florida regional vice president for Coldwell Banker Realty. She said the the price drop could be due to increased sales activity below the median sales price.
“This could tilt the market,” she said.
In Broward, single-family home prices continued to inch up from January month to month from $420,000 to $433,000. The median there has fluctuated slightly throughout along with supply.
Condo prices also inched up in both counties as newcomers from California, Chicago and the northeast drive up demand for housing.
“With the demand on single-family homes running high,” Corey said by email, “consumers are looking to condos as an option. In addition, consumers from the northeast and other areas of the country appreciate the difference of condo living in colder climates versus our balconies being an extension of the living area of the unit.”
MIAMI-DADE
The total number of residential home sales rose by 33.5% year to year, from 1,862 in February 2020 to 2,485 in February 2021. Sales increased by 23.6% for single-family homes and by 42.3% for condos. Miami-Dade has 2.8 months of supply of single-family homes and 10.2 months of inventory for condos. A balanced market consists of six-to-nine months of inventory.
The median sales price of a house increased year-over-year by 21.6%, from $370,000 in February 2020 to $450,000 in February 2021 — but down 4% from the all-time high of $470,000 in January. The median price of a condo is 17.6% higher than last year — $300,000 up from $255,000, despite rising inventory.
Houses closed at 97.2% of the asking price, up from 95.4% last year. Condos closed at 94.3%, up from 94% last year.
Cash buyers comprised 35.8% of total sales, up from 37.3% last year. The percentage of all-cash buyers was well above the national figure of 22%.
BROWARD
The total number of Broward residential home sales increased year-over-year by 24.8%, from 2,159 in February 2020 to 2,694 in February 2021. Sales grew by 23.8% for houses and 25.6% for condos. Broward has 1.7-month supply of single-family homes and 4.9 months of inventory for condos. A balanced market consists of six-to-nine months of inventory.
The median sales price rose year-over-year by 12.5% for houses — from $385,000 to $433,000 — and 10.8% for condos — from $180,500 to $200,000.
Houses closed at 97.8%of the original asking price, up from 96.1% last year. Condos closed at 95.3%, up from 94.3% last year.
Cash buyers comprised 36.9% of total sales, down from 39.8% in February 2020. Still, the percentage of all-cash buyers was higher than the national figure of 22%.
Source: https://www.miamiherald.com/news/business/real-estate-news/article250121869.html