South Florida’s residential market rallied in September, in a reversal of the region’s monthslong slowdown.
Dollar volume in Miami-Dade, Broward and Palm Beach counties surged 13 percent to $4.3 billion, up from $3.8 billion last September, according to Multiple Listing Service data collected by the Miami Association of Realtors.
While sales were up, condo prices were either flat or down across the tri-county region. Single-family prices were either flat or showed moderate growth.
Miami-Dade County
In Miami-Dade County, total sales rose 5 percent, year-over-year, to 1,769 closings in September. Single-family home sales were up 7 percent to 865. Condo closings increased 2 percent to 904.
The median price for single-family homes grew 2 percent to $665,000. The median price for condos held even at $420,000.
Dollar volume in the county surged 11 percent to $1.6 billion. For single-family homes, dollar volume rose 7 percent to $954 million. Condo dollar volume spiked 18 percent, reaching $676 million.
Broward County
Total sales in Broward County climbed 9 percent in September, year-over-year, to 2,021 closings. Single-family home sales soared 13 percent to 1,048. Condo closings rose 6 percent to 973.
The median price for single-family homes increased 2 percent to $626,500. The median price for condos fell 2 percent to $275,000.
Countywide dollar volume surged 11 percent to $1.1 billion. For single-family homes, dollar volume climbed 13 percent to $820 million. Condo dollar volume grew 6 percent to $357 million.
Palm Beach County
In Palm Beach County, total sales exploded in September, with a 22 percent increase, year-over-year, to 1,980 closings. For single-family homes, growth hit 25 percent, rising to 1,163 sales. Condo sales surged 17 percent to 817 closings.
The median price for single-family homes held even at $615,000. For condos, the median price dropped 5 percent to $300,000.
Total dollar volume spiked 28 percent to $1.6 billion. Single-family home dollar volume surged 32 percent to $1.2 billion. Condo dollar volume grew 16 percent to $399 million.
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