The inventory for South Florida single-family homes continues to be limited. Although residential sales rose in August, single-family sales fell as a result of the declining inventory. Condo sales saw an increase in the luxury market despite price increases.
In Miami-Dade, residential sales increased by 30.6% YoY in August. This percentage accounted 3,299 closings. During that period, single-family sales decreased by 3.5% while condo sales rose by 70.1%. However, luxury sales of single-family homes priced at $1M or above rose by 68.6% to 258 sales. As for luxury condos, sales dramatically increased by 217.1% to 222 closings.
In the Miami-Dade market, median prices continued to increase. In fact, the median price for single-family homes rose by 20.3% to $500,500. As for condos, the median increased by 26.4% to $335,000. For this county, the total sales volume totaled $2.5 billion in August.$1.4 billion accounted for single-family home sales and the $1.1 billion remaining accounted for condo sales.
Read full article here to find out about the numbers for other South Florida counties.
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